Sean Michaels
7 Sept 2023
Congress Proposes 2024 Tax Legislation to Revive Key Provisions
Congress is currently debating a new $70 billion tax package that seeks to revive and expand several key components of the Tax Cuts and Jobs Act (TCJA) of 2017. The proposed legislation includes measures to increase the child tax credit, extend the Low-Income Housing Tax Credit, and make permanent certain TCJA provisions set to expire.
This bill is a crucial part of the ongoing discussions on Capitol Hill as lawmakers attempt to address various tax-related challenges ahead of the 2024 tax season. The proposed changes aim to provide additional financial relief to families and incentivize investments in affordable housing. However, the bill's passage faces significant hurdles, including concerns about its long-term impact on the federal deficit.
If enacted, this legislation could have a profound impact on individual taxpayers and businesses, particularly those that have benefited from the TCJA’s provisions. The bill’s fate will likely be decided in the coming months, with potential implications for the 2024 tax filings​.