Tax Relief for American Familes Bill Update

In January, the House passed the Tax Relief for American Families and Workers Act. The $79 billion bipartisan bill would, among other things, temporarily expand the Child Tax Credit, restore current business tax deductions for 100% of domestic R&D expenses and extend 100% bonus depreciation. However, the bill has since stalled in the Senate. To spur Senate action, two House committees have begun hearings to debate current tax law and discuss tax reform needs. The committees are focused on three key tax provisions: the Sec. 199A deduction for pass-through businesses, the capitalization and amortization of R&D expenses, and the Child Tax Credit. Stay tuned.