Utah Valley Times

Washington, D.C. - Representative John Curtis (R-UT) has shown his support for the bipartisan Tax Relief for American Families and Workers Act, voting in favor of its passage. Curtis, who previously voted for the Tax Cuts and Jobs Act, expressed his satisfaction with the provisions in the new bill, stating, "The provisions in this bill build on that success and I am pleased to support its passage."

The bipartisan tax agreement encompasses several significant provisions aimed at promoting growth, innovation, and support for businesses and workers. One such provision is the Research & Development (R&D) expensing, which allows businesses of all sizes to immediately deduct the cost of their U.S. R&D investments, fostering innovation and growth within the country.

Another important provision is the interest deductibility for small- and medium-sized businesses, providing assistance in meeting payroll and facilitating growth, particularly in the face of high interest rates. Additionally, the bill includes 100% expensing for business investment in U.S. facilities, equipment, and machines.

The tax agreement also addresses the issue of double taxation on businesses and workers operating in both the U.S. and Taiwan, strengthening America's competitive position in comparison to China. Furthermore, it increases small business expensing to $1.29 million, a $290,000 increase above the level enacted in GOP tax reform in 2017.

In an effort to reduce the regulatory burden on small businesses, the bill adjusts the reporting threshold for subcontract labor from $600 to $1,000, marking the first update since the 1950s.

The bipartisan provisions within the tax agreement extend beyond the business sector. They also aim to increase access to housing by raising state tax credit allocations and providing more flexibility on bond financing requirements.

Additionally, the bill seeks to save taxpayer dollars by accelerating the deadline for filing backdated claims under the employee retention credit, a program that has been plagued by major cost overruns and rampant fraud.

The tax agreement also takes into account the struggles faced by middle-class families due to high prices. It includes an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024, providing support to these families. Furthermore, the bill eliminates the penalty for large families, ensuring that child tax credit work incentives apply equally to families with multiple children.

Representative Curtis encourages individuals to learn more about the bill by visiting the provided link. The Tax Relief for American Families and Workers Act presents a comprehensive bipartisan effort to address various economic challenges faced by workers, businesses, and families across the United States.