January 31, 2024 – Congresswoman Lori Chavez-DeRemer: Chavez-DeRemer Votes to Provide Tax Relief for Oregon Families, Expand Affordable Housing Construction
Today, the U.S. House of Representatives passed H.R. 7024, the Tax Relief for American Families and Workers Act, with broad bipartisan support. Rep. Lori Chavez-DeRemer (OR-05) voted in favor of the package, which includes provisions to support working families, increase the supply of affordable housing, and provide relief for victims of natural disasters like wildfires.
“Oregonians sent me to D.C. to give their families relief from soaring prices and address the homelessness crisis. By enhancing the child tax credit and removing barriers to boost the construction of affordable homes, the Tax Relief for American Families and Workers Act accomplishes both of these goals. Strong bipartisan support for this bill once again proves that good policy is made when both sides come to the table and find common ground. It’s a pragmatic proposal that will spur long-term economic growth by empowering workers and their families,” Chavez-DeRemer said.
The Tax Relief for American Families and Workers Act:
Supports Working Families with an Enhanced Child Tax Credit
- Expands access to the child tax credit through a phased increase to the refundable portion for the years 2023, 2024, and 2025
- Provides relief from climbing prices by adjusting the child tax credit to inflation starting in 2024
- Eliminates the penalty for growing families to ensure the child tax credit phase-in applies fairly to households with more than one child
Increases the Supply of Affordable Housing
- Enhances the low-income housing tax credit allocated to states for calendar years 2023 through 2025
- Increases the number of affordable housing projects that can be carried out using private activity bonds
- These two provisions are key components of the Affordable Housing Credit Improvement Act, which Chavez-DeRemer has cosponsored
Helps Families Rebuild from Natural Disasters and Boosts the Economy
- Provides tax relief to families recovering from wildfires and other natural disasters
- Provides $600 billion in tax relief according to the Joint Committee on Taxation, which will bolster economic growth and competitiveness
A section-by-section analysis of the proposal is available HERE.
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