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The House Ways and Means Committee passed the Tax Relief for American Families and Workers Act in mid-January, which expands tax deductions for business equipment and research and development. Additionally, the Act expands both the Child Tax Credit and Low-Income Housing Tax Credit.
An additional feature of the bill spoken of by Bean is the end of “COVID giveaways,” which refers to the acceleration of filing backdated COVID employee tax credits.
“I have got good news for America: The House has passed the Tax Relief for American Families and Workers Act. Help is on the way,” Bean concluded.