WASHINGTON D.C. - U.S. Rep. Mike Bost (IL-12) voted today to provide working families and consumers with critical tax relief at a time of continued economic challenges. The Tax Relief for American Families and Workers Act enhances the Child Tax Credit, expands American innovation and competitiveness, and cuts through red tape for small businesses.
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“At a time when many Southern Illinoisans are fighting to make ends meet, I’m proud to support pro-growth tax relief for working families and job creators alike,” said Bost. “On one hand, we strengthen our economy with commonsense, conservative reforms. On the other, we strengthen our families by extending the Child Tax Credit with the same vetting measures put in place by President Trump in 2017. These important steps forward will help us overcome the high inflation, supply chain crisis, and economic uncertainty experienced under the Biden administration.”
The legislation is endorsed by Americans for Tax Reform, the National Taxpayers Union, FreedomWorks, and a large coalition of pro-life organizations.
The Tax Relief for American Families and Workers Act includes provisions to:
- Extend the $2,000 Child Tax Credit through 2025,
- Restore and extend immediate expensing for research and development,
- Increase the small business expensing limit by nearly 30%,
- Provide tax relief for communities affected by natural disasters, and
- Extend the increased low-income tax credit through 2025.
