Washington, D.C. – Congresswoman Uifa’atali Amata is welcoming the bipartisan extension of key 2017 tax cuts, especially the expanded child tax credit for families.

“The expanded child tax credit is an encouragement to families on a budget, keeping much-needed dollars in the pockets of hardworking parents,” said Congresswoman Amata. “This tax legislation extends and updates the 2017 policies that helped spur economic growth prior to the COVID interruption to the economy. Now, a bipartisan majority in the House agreed to continue and update these policies so that people and small businesses have stability in their budgeting.”

On Wednesday, in a bipartisan vote of 357- 70, the House passed a $78 billion tax package, titled the Tax Relief for American Families and Workers Act, that would temporarily expand the child tax credit, and restore a number of business tax benefits. The bill now goes to the Senate for consideration.

Under the bill, the child tax credit expands yearly for the next three years, increasing the refundable cash portion to $1,800 per child for 2023, $1,900 for 2024, and $2,000 for 2025. The bill broadens the credit to reach more lower income households that pay less in income taxes, and adjusts the credit for inflation beginning in 2024, potentially increasing it further by another $100 by 2025.

The bill also allows businesses of all sizes to immediately deduct the cost of their U.S.-based Research & Development investments, instead of requiring that over five years. Nationally, the deal includes an addition to affordable housing tax credits, and expanded disaster relief for victims in cases of recent major federal declared disasters.

“Food, fuel, and many common goods became more expensive in general over the last several years, and people need every possible dollar to keep up,” Amata concluded. “I especially appreciate seeing some bipartisan consensus come together on an important issue to get this done for families.”