In a recent post, we reported the announcement of the Tax Relief for American Families and Workers Act of 2024, a bipartisan effort proposed by the House Ways and Means Committee. On January 31, 2024, the $78 billion tax bill (H.R. 7024) continued to move forward as it was approved by a wide margin (357–70 vote) in the House of Representatives. (read this Journal of Accountancy article for details)
While there is clear bipartisan support and momentum behind the bill, several hurdles still stand in its way before the legislation would become law. All eyes now move to the Senate, where the bill’s fate remains a bit uncertain. Having such strong support in the House bodes well for the bill and may influence the Senate’s decision.
GYF will continue to monitor the status and progression of the legislation. It remains to be seen if the Senate will act on the bill prior to the scheduled recess beginning February 12th.
If you have questions about the potential impact of this bill or need assistance with your individual or corporate tax needs, please be sure to reach out to your GYF Executive or contact our office at 412-338-9300.