Marshall advocates passage of Tax Relief for American Families and Workers Act

A member of the Senate Agriculture Committee endorsed the framework for the Tax Relief for American Families and Workers Act.

U.S. Sen. Roger Marshall, R-KS, said the act had received a bipartisan support in the House of Representatives. He said the act will extend tax credits that were integral in tax reform passed under former President Donald Trump.

A good fit

This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit.

“The Family First legislation enhances the child tax credit, which, in return, will allow more working families to pay for childcare and education expenses by adding in inflation adjustments and increasing the refundable portion of the tax credit. This assistance as outlined in the framework also enforces strong work requirements to help struggling families receive a hand-up, not a hand-out. The proposal also includes expanding the low-income housing tax credit—an issue that I have championed since my time in the House of Representatives—which is a public-private partnership with a proven track record of success,” Marshall said.

“With Main Street businesses also top of mind, this tax framework allows business owners to fully deduct their interest payments, which helps offset the cost of high-interest rates. Businesses will also benefit from expensing major investments in equipment and facilities, as well as being able to immediately deduct the full cost of their research and development, incentivizing new growth.”

Other provisions

What Marshall liked was child-care tax credits and aids to small businesses that includes farmers who have dealt with rising costs, in particular higher interest rates.

“If the average farmer has a $1 million operating loan and he saw interest rates go from 2% to 8% in a couple of years, then this is timely and good for agricultural operators and there are good incentives for people downstream from the farm,” he said.

The full Senate has not yet taken up the measure.

Dave Bergmeier can be reached at 620-227-1822 or [email protected].