Tax Relief for American Families and Workers Act of 2024 What just happened: The Tax Relief for American Families and Workers Act has momentum coming into the Senate, following sweeping bipartisan votes in both the House tax committee (40 – 3) and on the floor (357 – 70). The Senate has an opportunity to push forward this legislation that supports restaurant and Main Street business growth. What supports restaurant operators: 1) Restoring business interest deductibility based on the earnings before interest, taxes, depreciation, and amortization (EBITDA) standard rather than earnings before interest and taxes (EBIT).
2) Allowing 100% bonus depreciation for equipment purchases like kitchen ovens, furnishings, a catering vehicle, and other capital assets that are common in restaurants.
Why support it? While the Senate may want to explore improvements to H.R. 7024, this legislation is the best way to deliver badly needed tax relief to Main Street businesses – including restaurants.
Child tax credit: The bill increases the amount of the child tax credit (CTC) for lower-income families with multiple children, creates an automatic inflation adjustment, expands refundability, and other changes.
Why pass this bill now? If the Senate does not advance this legislation, solving the challenges of expiring tax rates and measures in 2025 will become even more difficult. The 118th Congress has the chance now to set a baseline for pro-growth tax measures that will make the U.S. economy more competitive globally and to support local restaurant owners in small towns and big cities.
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April 2024
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