Page 65 - BusinessWest February 19, 2024

ACCOUNTING & TAX PLANNING >>
Potential Tax Relief
Examining T
his article, written on Feb. 2, highlights the
the Impact of the American Families and Workers Act of 2024
U.S. House of Representatives’ Jan. 31 pas- sage of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). How- ever, it’s important to note that the details are
“One of the core components of this legislation includes an increase in the child tax credit, a move set to benefit families with children across the nation. This concept is further strengthened by the introduction of a refundable portion determined per child, a clear advantage for growing families.”
BusinessWest
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FEBRUARY 19, 2024 21
BY KRISTINA DRZAL HOUGHTON, CPA
subject to change pending the Senate’s vote and the ulti- mate signing into law by the president.
Despite concerted efforts to get the bill to the Senate in time for the current tax-filing season, this deadline has unfortunately lapsed, causing some concern over tim- ing and efficacy. However, lawmakers remain optimistic about swift passage in the subsequent stages, aiming
to minimize the impact on the IRS and enable prompt relief for taxpayers.
INDIVIDUAL TAX RELIEF
One of the core components of this legislation includes an increase in the child tax credit, a move set to benefit families with children across the nation. This concept is further strengthened by the introduction of a refundable portion determined per child, a clear advan-