Congressional negotiators have agreed to a nearly $80 billion bipartisan deal that provides tax benefits geared toward businesses and low-income families, the heads of the Senate Finance and House Ways and Means committees said Tuesday.
The $78 billion package would temporarily expand the Child Tax Credit and increase the low-income housing tax credit while bringing back various deductions for corporations, the committee’s two chairmen said in a joint statement.
The deal also includes disaster tax relief, among other provisions, Senate Finance Committee Chairman Ron Wyden, a Democrat, and House Ways and Means Committee Chairman Jason Smith, a Republican, said of the deal.
Any package must still pass both the Democratic-led Senate and the Republican-controlled House before President Biden can sign it into law at a time when lawmakers scramble to keep the government funded.
The deal comes as Congress seeks to avert a partial government shutdown and keep federal agencies operating until March by passing a short-term spending bill to temporarily fund the US government, with some spending set to expire this week.
The $78 billion package would temporarily expand the Child Tax Credit and increase the low-income housing tax credit while bringing back various deductions for AP corporations
Any package must still pass both the Democratic-led Senate and the Republican-controlled House before President Biden can sign it into law at a time when lawmakers scramble to keep the government funded. Alex Edelman/CNP/startraksphoto.com
It would generate more than $70 billion by curbing employee retention tax credits passed amid the COVID-19 pandemic aimed at helping businesses avoid layoffs, Wyden and Smith said.
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Source: thtrangdai.edu.vn/en/
