Bipartisan tax legislation approved by House Ways and Means Committee
The House Ways and Means Committee approved bipartisan tax legislation, H.R. 7024.
The House Ways and Means Committee approved bipartisan tax legislation, H.R. 7024.
The House Ways and Means Committee today voted out of committee (approved by a vote of 40-3) H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” bipartisan legislation that would address scheduled changes in business taxation under the "Tax Cuts and Jobs Act," among other provisions. Read TaxNewsFlash
Next steps
Now that the bill has been approved in committee, the full House may consider the legislation. It is possible the bill will move in the House under the rules of “suspension,” which would require a two-thirds vote (rather than simple majority) to advance to the Senate for consideration in that body. It remains unclear whether the bill will ultimately be approved by the full House and/or the Senate. The House is currently out of session and is scheduled to reconvene on January 29, 2024.
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