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Tax Relief for Families, Business Support, and Disaster Aid.

This act introduces changes to tax credits for families with children, increasing their amount and accessibility. It also offers new tax incentives for businesses to support innovation and economic growth. Additionally, it provides tax relief for individuals affected by natural disasters and facilitates the construction of low-income housing.
Key points
Increased Child Tax Credit: Families may receive higher tax refunds per child, boosting their household budgets.
Business Support: Companies can deduct more research, development, and investment costs, aiming to stimulate economic growth and job creation.
Disaster Relief: Individuals affected by natural disasters, including wildfires and the East Palestine train derailment, will receive special tax relief and income exclusions.
Affordable Housing Initiatives: Increased tax credit limits for housing construction aim to help create more affordable homes.
Changes in Income Reporting: The threshold for mandatory payment reporting has been raised, potentially simplifying tax filings for some individuals and businesses.
article Official text account_balance Process page
VOTING RESULTS
2024-08-01
52%
For 48
Against 44
Abstain 0
Full voting results open_in_new
Failed
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_7024
Sponsor: Rep. Smith, Jason [R-MO-8]
Process start date: 2024-01-17
Voting date: 2024-08-01
Meeting no: 2
Voting no: 230
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Tax Relief for American Families and Workers Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7024.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-17.

What are the main provisions?

Key points include:

  • Increased Child Tax Credit: Families may receive higher tax refunds per child, boosting their household budgets.
  • Business Support: Companies can deduct more research, development, and investment costs, aiming to stimulate economic growth and job creation.
  • Disaster Relief: Individuals affected by natural disasters, including wildfires and the East Palestine train derailment, will receive special tax relief and income exclusions.
  • Affordable Housing Initiatives: Increased tax credit limits for housing construction aim to help create more affordable homes.
  • Changes in Income Reporting: The threshold for mandatory payment reporting has been raised, potentially simplifying tax filings for some individuals and businesses.
What is the specific legal status?

The current status is Failed.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Smith, Jason [R-MO-8].

What is the latest detailed status?

The latest detailed status is: Motion by Senator Schumer to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 230) made in Senate.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Family Economy Real Estate