Momentum Builds for House Tax Vote This WeekJanuary 30, 2024
House Republican leadership is expected to press forward with a vote on a bipartisan package of business and family tax reforms this week. According to Ways and Means Chair Jason Smith (R-MO), the Tax Relief for American Families and Workers Act — which contains provisions around the Child Tax Credit (CTC), research and development (R&D) expensing, disaster relief, and more — will come up for consideration under suspension of the rules prior to the end of the week, possibly as soon as tomorrow. The measure overwhelmingly passed the Ways and Means Committee at a markup earlier this month, and leadership expects a similar outcome when the bill hits the floor. However, Speaker Mike Johnson (R-LA) has still yet to make a formal announcement regarding when the bipartisan tax package will be called up as the GOP conference navigates disagreements over the state and local tax (SALT) deduction cap. Notably, Members of the New York and New Jersey delegations have vowed to oppose the Tax Relief for American Families and Workers Act absent changes to the $10,000 cap.
— SENATE RETURNS AS SUPPLEMENTAL FUNDING TALKS CONTINUE. The Senate will be back in session for pending presidential nominations while the chamber awaits word on a possible bipartisan supplemental funding package. Sens. Chris Murphy (D-CT), James Lankford (R-OK), and Kyrsten Sinema (I-AZ), are hoping to produce legislative text for a supplemental appropriations package that includes foreign aid and border security at some point this week. However, it remains to be seen whether this forthcoming agreement can earn the 60 votes needed for passage in the Senate. A bipartisan supplemental funding bill also appears to be “dead-on-arrival” in the Republican-controlled House.