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Don’t Count Out Congress! Tax Dealing in the Tax Relief for American Families and Workers Act of 2024

February 06, 2024 (2 min read)

Legislation called The Tax Relief for American Families and Workers Act of 2024 (TRAFA) is intended to spur innovation and economic growth, allowing corporate taxpayers greater deductions in research and development and interest expense. It also would increase the amount of and expand access to the child tax credit through 2025. Is Congress in a position to pass it?

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  • American Rescue Plan Act of 2021: An Analysis
    Recall that the ARRA increased the age of a qualifying child for purposes of the child tax credit (CTC) to age 18, from age 17. And, for 2021, the amount of the CTC rose to $3,600 for a qualifying child who had not attained age six as of the close of the calendar year and $3,000 for all other qualifying children. I.R.C. § 24(i)(3). The credit decreased to $1,400 for 2022. TRAFA would increase the credit to $1,800, $1,900, and $2,000 per qualifying child, respectively, in 2023, 2024, and 2025, and extend it.

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