The House passed a $78 billion tax bill on Wednesday that boosts the child tax credit and reinstates business deductions that were rescinded during the Trump administration, sending the bipartisan, bicameral legislation to the Senate for consideration.
The bipartisan, bicameral tax bill would beef up the child tax credit by increasing the maximum credit per child from $1,600 to $2,000 through 2025, adjusting for inflation in 2024 and 2025.
Additionally, it calls for raising the ceiling for the low-income housing tax credit by 12.5 percent through 2025, lowering the threshold for bond-financed buildings to receive the low-income housing tax credit.
While not a perfect bill, this first provision here would put more money into the pockets of those families who need it most, and the second should make it easier/increase incentive for low-income housing (at least those financed with bonds).
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