Urge Congress to Pass the Bipartisan Child Tax Credit and Low-Income Housing Tax Credit
Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways and Means Committee Chairman, Jason Smith (R-MO) announced the Tax Relief for American Families and Workers Act of 2024, a bipartisan tax agreement that expands and improves the Child Tax credit (CTC) and Low-income Housing Tax credit (LIHTC).
While the proposal is not as robust as we have wished, the CTC provisions would provide benefits to 16 million children currently not receiving the credit because their families do not earn enough money.
In addition, the LIHTC provision would reinstate the lapsed 12.5% allocation increase for 2023-2025 and lower the 50% bond financing threshold test to 30% for private activity bond allocations in 2024-2025. If passed, these two provisions have the potential to create more than 200,000 units of affordable housing. It is important that Congress enact the bill by Jan. 29, before the start of the 2023 tax season. However, passage of the bill is not guaranteed as ranking members on key committees reportedly have yet to sign-off on the agreement. In addition, the path forward remains uncertain.
Therefore, we need your help to the push bill to the finish line by contacting your members of Congress, urging them to support passage of the tax package.
Action Needed:
Call your U.S. Senators and Representatives and urge them to support passage of the bipartisan tax agreement, which includes the Child Tax Credit and the Low-income Housing Tax Credit. (Contact information below)
Tell them it is critical to support this proposal that would benefit 16 million children living below the margins whose parents do not receive the benefit because their family’s income is too low. This credit would help low-income families struggling to make ends meet and make meaningful progress towards child poverty reduction.
Tell them it is also critical to support the LIHTC provision, which has the potential to create 200,000 affordable homes. This would boost the housing supply for low-income families and seniors.
Sen. Ron Wyden: 503-326-7525
Sen. Jeff Merkley: 503-326-3386
Rep. Suzanne Bonamici: 503-469-6010
Rep. Cliff Bentz: 541-709-2040
Rep. Earl Blumenauer: 503-231-2300
Rep. Val Hoyle: 541-465-6732
Rep. Lori Chavez-Deremer: 503-387-8651
Rep. Andrea Salinas: 503-385-0906