Manatee Review

Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee and former Chairman of the Tax Subcommittee, has expressed his support for the committee passage of the bipartisan and bicameral Tax Relief for American Families and Workers Act.

In a statement, Congressman Buchanan highlighted the importance of making the tax code more competitive for the benefit of American families and businesses. He stated, "As someone who spent 30 years building businesses, as well as a former chairman of the Ways and Means Tax Subcommittee, I know from experience that making our tax code more competitive means greater prosperity for American families and businesses. I'm pleased to see this important legislation pass out of committee and move one step closer to becoming law."

The Tax Relief for American Families and Workers Act of 2024 includes several key provisions aimed at supporting various sectors of the economy. One provision is the restoration of full and immediate expensing. This will enable small businesses and job creators to deduct the entire cost of new and used equipment, allowing them to grow and expand.

Another provision focuses on supporting American manufacturing and innovation. The act extends Research & Development (R&D) expensing, which allows businesses to immediately deduct the cost of their U.S.-based R&D. This measure aims to foster innovation and drive economic growth.

The Tax Relief for American Families and Workers Act also includes measures to help working families. One such measure is the expansion of access to the Child Tax Credit, which will provide additional support to families facing financial challenges.

Additionally, the act seeks to increase access to affordable housing across the country. It does this by enhancing the Low-Income Housing Tax Credit, which will help address the ongoing issue of affordable housing shortages.

Congressman Buchanan's expertise and experience in tax policy have made him a valuable member of Congress. He has led five of the six Ways and Means Subcommittees and currently sits on the Joint Committee on Taxation, a group of senior tax writers in Congress.

The passage of the Tax Relief for American Families and Workers Act through the committee is a significant step towards its enactment. It represents a bipartisan effort to address key issues and provide relief to American families and businesses.

For more information on the specific provisions of the act, a section-by-section breakdown can be found on Congressman Buchanan's official website.

Source: [Buchanan.house.gov](https://buchanan.house.gov/2024/1/buchanan-applauds-committee-passage-of-bipartisan-tax-package)