Bipartisan tax deal could expand Child Tax Credit and extend business tax breaks – By Deirdre Walsh (NPR) / Jan 16, 2024
Top lawmakers on the Senate and House tax writing committees announced a deal on a temporary expansion of the child tax credit alongside a series of business tax breaks.
Senate Finance Committee Chairman Ron Wyden and House Ways and Means Committee Chairman Jason Smith negotiated the framework, which would still need to be approved by both chambers of Congress. They face a tight deadline to implement any changes to the tax code with the 2023 tax filing season beginning on January 29.
The committees have been discussing the package for months, and hope to move it soon as a stand alone bill, or potentially attached to a stopgap spending bill. The independent Joint Committee on Taxation estimates the plan could roughly $70 – 80 billion. Aides expect they could cover the cost by overhauling a COVID relief tax credit to save about the same amount in revenue for the government.
