Tonight, Congresswoman Deborah Ross (NC-02) voted to pass the bipartisan Tax Relief for American Families and Workers Act, which will expand the Child Tax Credit (CTC) and the Low-Income Housing Tax Credit and incentivize research and development investment in the Research Triangle. In North Carolina’s Second District alone, an estimated 18,000 children will benefit from the expanded CTC in this package.

“I hear every day from constituents who are burdened by the high cost of child care and housing,” said Congresswoman Ross. “This legislation will make a meaningful difference in the lives of working people in Wake County, delivering welcome tax relief and lifting thousands of vulnerable children out of poverty. The bill will result in more affordable housing options in our growing region. And, it boosts American innovation and competitiveness – helping to grow local businesses and create new jobs in the Research Triangle and beyond – through a provision to incentivize domestic R&D investment. The Tax Relief for American Families and Workers Act is a testament to what we can accomplish when we put politics aside and work in a bipartisan way to meet the needs of our constituents. While there is still much more work to do to help struggling families get ahead, I was proud to vote for this bipartisan legislation and urge the Senate to pass it swiftly.”

The Tax Relief for American Families and Workers Act:

• Expands access to the Child Tax Credit with a phased increase to the refundable portion of the child tax credit for 2023, 2024, and 2025 while eliminating penalties for larger families and adjusting the tax credit for inflation starting in 2024.
• Restores the ability for businesses to immediately deduct R&D expenses for domestic research and development. This incentivizes critical investments in innovation and technological breakthroughs by allowing businesses to re-invest tax savings.
• Enhances the Low-Income Housing Tax Credit with increased state allocations and a reduced tax-exempt bond financing requirement.
• Expands the small business expensing cap to $1.29 million, which can increase a small business’ tax savings, allowing them to re-invest those savings into their operations and remain competitive.