{"id":17329,"date":"2024-04-01T09:55:07","date_gmt":"2024-04-01T16:55:07","guid":{"rendered":"https:\/\/chamberbusinessnews.com\/?p=17329"},"modified":"2024-04-01T10:22:42","modified_gmt":"2024-04-01T17:22:42","slug":"business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak","status":"publish","type":"post","link":"https:\/\/chamberbusinessnews.com\/2024\/04\/01\/business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak\/","title":{"rendered":"Business groups urge Senate action on federal tax bill, but chances appear bleak"},"content":{"rendered":"\n<p>The House on January 31 passed the Tax Relief For American Families And Workers Act, 357-70.\u00a0Despite its broad, bipartisan support, the bill to extend and enhance several elements of the tax code, many of which are important to America\u2019s businesses, is stalled in the Senate, prompting a call for action from national business groups like the National Association of Manufacturers.\u00a0<\/p>\n\n\n\n<p>The NAM released a <a href=\"https:\/\/www.youtube.com\/watch?v=JlGzm1XGokc&amp;utm_source=563487&amp;utm_medium=email\">new ad<\/a> campaign last week urging the Senate to take action on the bill.<\/p>\n\n\n\n<p>\u201cVital tax provisions are expiring, harming our ability to compete globally and invest in new factories and equipment,\u201d the ad says. \u201cThe House has done its job and restored these provisions with overwhelming support. The Senate needs to act now.\u201d<\/p>\n\n\n\n<p>The U.S. ºÚÁϳԹÏÍø of Commerce <a href=\"https:\/\/www.uschamber.com\/taxes\/u-s-chamber-key-vote-letter-on-h-r-7024-the-tax-relief-for-american-families-and-workers-act-of-2024\">said<\/a> it would include the bill on the group\u2019s congressional scorecard, which helps determine campaign endorsements.&nbsp;<\/p>\n\n\n\n<p><strong>Tax reforms for families and business<\/strong><\/p>\n\n\n\n<ul>\n<li>Modifies the calculation of the refundable portion of the child tax credit for 2023-2025.<\/li>\n\n\n\n<li>Increases the maximum refundable amount per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025.<\/li>\n\n\n\n<li>Allows taxpayers to elect to use prior year earned income for the earned income tax credit in 2024 and 2025.<\/li>\n\n\n\n<li>Allows taxpayers to delay deducting domestic research costs over a five-year period until 2026.<\/li>\n\n\n\n<li>Extends depreciation, amortization, or depletion allowances for determining the business interest deduction.<\/li>\n\n\n\n<li>Extends 100% bonus depreciation and increases limitations on expensing depreciable business assets.<\/li>\n<\/ul>\n\n\n\n<p><strong>Opposition from GOP<\/strong><\/p>\n\n\n\n<p>The enhanced child tax credit provisions have bogged down negotiations in the Senate, where Sen. Mike Crapo, R-Idaho, the ranking member on the Senate Finance Committee, says he wants significant amendments.<\/p>\n\n\n\n<p>\u201cWhile my concerns with the bill may be frustrating to some, they should not be surprising.\u00a0I remain concerned the CTC provisions undermine the work requirement and represent a significant shift \u2013 described by some Democrats as a down payment \u2013 to transform the CTC from primarily working family tax relief into a government subsidy,\u201d Crapo <a href=\"https:\/\/www.crapo.senate.gov\/media\/newsreleases\/crapo-statement-on-status-of-tax-negotiations\">said<\/a>.\u00a0<\/p>\n\n\n\n<p>Only nine Republican votes would be necessary to prevent a filibuster and bring the bill to a vote, but so far most GOP senators are aligned with Crapo. Only Sen. Todd Young, R-Ind., has <a href=\"https:\/\/punchbowl.news\/article\/tillis-young-tax-bill-future\/\">encouraged<\/a> his colleagues to move the bill forward.<\/p>\n\n\n\n<p>Senate Majority Leader Chuck Schumer, D-N.Y., has already passed a <a href=\"https:\/\/twitter.com\/AndrewDesiderio\/status\/1770575925043740706?utm_source=563487&amp;utm_medium=email\">procedural step<\/a> to get the ball rolling, however without assurances he can secure the 60-vote threshold to overcome a filibuster, he\u2019s unlikely to put the bill on the floor.<\/p>\n\n\n\n<p><strong>Maybe next year?<\/strong><\/p>\n\n\n\n<p>Part of Crapo and Republicans\u2019 calculus includes their expectation that they\u2019ll control the Senate next year and will be able to extract a better deal than what passed the House.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House on January 31 passed the Tax Relief For American Families And Workers Act, 357-70.\u00a0Despite its broad, bipartisan support, the bill to extend and enhance several elements of the tax code, many of which are important to America\u2019s businesses, is stalled in the Senate, prompting a call for action from national business groups like [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":17331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,2,45],"tags":[],"coauthors":[1523],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - 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