U.S. House of Representatives Passes Tax Relief Bill

The U.S. House of Representatives passed the Tax Relief for American Families and Workers Act, a tax relief bill with bipartisan support, on Wednesday, January 31, 2024. The vote was 357 to 70.The purpose of the bill is to provide tax relief and support to American families and workers.A letter of support sent to Congressional leaders was signed by 261 trade groups and stated, in part, “We strongly support the Tax Relief for American Families and Workers Act to bolster our economy and support American workers and families by acting without delay to restore immediate R&D expensing, a pro-growth interest deductibility standard, and full expensing for capital investments.”Among those signers are the Nebraska Chamber of Commerce and Industry and the Nebraska Retail Federation.Also supporting the bill is the American Farm Bureau. The bill’s provisions includes interest deductions for farmers and family-owned farms.In a press release, American Farm Bureau Federation President Zippy Duvall said, “Farm Bureau applauds the passage of the Tax Relief for American Families and Workers Act by an exceedingly large margin in the House last night. This legislation will bring meaningful tax relief to our nation's farmers and ranchers at a time of high interest rates and slim margins. We urge the Senate to act swiftly in adopting this measure, which provides a small amount of certainty as we approach the looming 2025 tax cliff.”

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