WASHINGTON, DC – Representative Brian Fitzpatrick (PA-1) released the following statement after voting for the Tax Relief for American Families and Workers Act that expands the child tax credit and assists small businesses. The House passed the bipartisan tax package with a strong 357-70 vote.

“I’m proud the House overwhelmingly passed the bipartisan tax package that expands the child tax credit and helps small businesses across our nation,” said Fitzpatrick. “All Americans will benefit from this pro-growth, pro-American bill. The expanded child tax credit will help more than 500,000 children in Pennsylvania. This bill also boosts innovation, allowing the U.S. to be more competitive with China while also helping our small businesses thrive. I commend Chairman Smith and Ranking Member Neal for working together to advance this bipartisan policy.”

The Tax Relief for American Families and Workers Act:

  • Expands access to the Child Tax Credit and eliminates the penalty for families with multiple children.
  • Allows all businesses to immediately deduct research and development investments to encourage innovation in the U.S. and better compete with China.
  • Restores full and immediate expensing for investments in machines, equipment, and vehicles.
  • Increases the amount that small businesses can write off immediately to $1.29 million, an increase above 2017’s $1 million cap.
  • Enhances the Low-Income Housing Tax Credit, which will increase the supply of low-income housing.
  • Saves more than $70 billion by ending the COVID-era Employee Retention Tax Program.

 Watch his floor speech here.