The U.S. House Committee Approves Comprehensive Legislation
The U.S. House of Representatives' Committee on Aging passed a tax relief bill on March 19 that enhances tax relief for businesses and low-income families, and includes double-taxation relief for Taiwan and the United States. This will further strengthen the economic and trade partnership between Taiwan and the United States.
The House Ways and Means Committee (HWC) passed the "The Tax Relief for American Families and Workers Act of 2024" (the "Act") with a margin of 40 yes votes to 3 no votes. The Tax Relief for American Families and Workers Act of 2024 was passed by a narrow vote of three.) The bill would increase the child tax credit and restore tax breaks for research and development expenses and investments in plant and equipment.
Despite serious differences between the U.S. Democratic and Republican parties over the federal budget, both parties expressed strong support for the measure. Committee Chairman Jason Smith (R-Texas) said the bill is expected to help U.S. businesses remain competitive, allowing them to survive and thrive, and provide tax relief to working families struggling with rising prices and economic pressures.
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