The House of Representatives on Wednesday evening approved a bipartisan tax relief plan to expand several credits.
The lower chamber approved the roughly $80 billion package in an 357 to 70 vote under suspension of the rules. It faces uncertain prospects in the Senate.
Should it become law, the Tax Relief for American Families and Workers Act of 2024 would expand the child tax credit (CTC) to $3,600 per child form the current $2,000. It would further create low-income housing credits and restore research and development deductions, according to ABC News.