Legislative update: House passes bipartisan tax extenders legislation

U.S. House of Representatives passed H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024”

U.S. House passes bipartisan tax extenders legislation

The U.S. House of Representatives today passed 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. The bill was passed by a vote of 357-70 (with 169 Republicans and 188 Democrats voting for it, and 47 Republicans and 23 Democrats voting against it).

The provisions of the bill include:

  • Enhancements to the child tax credit
  • Expensing for research & development (R&D)
  • Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest deductibility
  • Extension of 100% bonus depreciation for investments in machines, equipment, and vehicles
  • Increase in limitations on expensing of depreciable business assets
  • Taiwan double-tax relief
  • Disaster tax relief
  • Enhancement of the low-income housing tax credit
  • Increased threshold for information reporting on Forms 1099-NEC and 1099-MISC

The revenue cost of the plan would be offset by acceleration of the filing deadline for employee retention credit (ERC) claims to January 31, 2024, extension of the statute of limitations on period of assessment and compliance changes.

Read text of the bill—H.R. 7024 [PDF 220 KB] (82 pages)

Read section-by-section summary [PDF 220 KB] of the bill as introduced

Read Amendment in the Nature of a Substitute [PDF 212 KB]

For more information, read TaxNewsFlash

Next steps

It remains uncertain whether the bill will be passed by the Senate and signed into law by President Biden.

It is possible the Senate could take up the bill as soon as next week. Otherwise, the Senate is scheduled for recess from February 10 – 25 and would not be expected to consider the bill until after they return at the earliest.


The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.