Speaker Mike Johnson (R-LA) is considering putting H.R. 7024, Tax Relief for American Families and Workers Act of 2024 on the House floor for a vote this week under suspension of the rules. The procedural maneuver would bypass the Rules Committee, limit debate, prohibit floor amendments, waive points of order and require a two-thirds majority (or 290 votes) for adoption.
On Tuesday morning, House Ways and Means Chairman Jason Smith (R-MO) said on CNBC that he expects the bill would come to the floor for a vote this week. Reports indicate that Speaker Johnson is leaning towards this week, but there has been no final decision yet, and the bill could slip into next week.
Legislative Background
The bill passed the House Ways and Means committee with overwhelming bipartisan support in a 40-3 vote. The larger tax package would expand the Child Tax Credit and suspend certain tax increases on business investment that took effect in 2022 and 2023. The bill would:
- Restore the 12.5 percent allocation increase for nine percent LIHTCs for 2023 to 2025; and
- Lower the 50 percent bond financing test to 30 percent for 2024 to 2025.
NH&RA joined a letter to Congress led by the National Multifamily Housing Council to express support for the bill.
On-going debate
Some critics of the bill contend that the Child Tax Credit doesn’t go far enough. Others want to see changes to the State and Local Tax (SALT) deduction included in the bill and others want the bill to be passed under regular order instead of under suspension of the rules.
Next Steps
Please reach out to House Republican members who have co-sponsored the Affordable Housing Credit Improvement Act (H.R. 3238), and any House Democrats, to ask them to vote to support The Tax Relief for American Families and Workers Act of 2024 containing critical Housing Credit provisions.
