JCT Estimates Tax Bill Changes Would Cost $399 Million

JCT Estimates Tax Bill Changes Would Cost $399 Million 

U.S. Joint Committee on Taxation

A substitute amendment to the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would cost $399 million through 2033, the Joint Committee on Taxation estimated in a January 18 report (JCX-5-24).

A substitute amendment to the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would cost $399 million through 2033, the Joint Committee on Taxation estimated in a January 18 report (JCX-5-24).

A <a href="/lr/resolve//7j3kl">substitute amendment</a> to the Tax Relief for American Families and Workers Act of 2024 (<a href="/lr/resolve//7j3dt">H.R. 7024</a>) would cost $399 million through 2033, the Joint Committee on Taxation estimated in a January 18 report (JCX-5-24). Enhancements to the child tax credit would cost $33.5 billion, the JCT said. Deductions for domestic research and experimental spending; extension of the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; extension of the 100 percent bonus depreciation; and the increase in limitations on expensing of depreciable business assets would cost $32.8 billion, according to the JCT. The United States-Taiwan Expedited Double-Tax Relief Act would have no revenue effect, the JCT said. Various assistance for disaster-impacted communities would cost $5 billion, while affordable housing provisions would cost $6.2 billion, the JCT said. Measures to help eliminate fraud, including enforcement provisions for COVID 19-related employee retention credits, would raise $77.1 billion, the JCT estimated.

A substitute amendment to the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would cost $399 million through 2033, the Joint Committee on Taxation estimated in a January 18 report (JCX-5-24). Enhancements to the child tax credit would cost $33.5 billion, the JCT said. Deductions for domestic research and experimental spending; extension of the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; extension of the 100 percent bonus depreciation; and the increase in limitations on expensing of depreciable business assets would cost $32.8 billion, according to the JCT. The United States-Taiwan Expedited Double-Tax Relief Act would have no revenue effect, the JCT said. Various assistance for disaster-impacted communities would cost $5 billion, while affordable housing provisions would cost $6.2 billion, the JCT said. Measures to help eliminate fraud, including enforcement provisions for COVID 19-related employee retention credits, would raise $77.1 billion, the JCT estimated.