2024 Tax Relief Act update for tax pros

The top tax writers in the U.S. House of Representatives and U.S. Senate recently put forth a $78 billion, multi-pronged joint tax proposal highlighted by tax benefits for low-income taxpayers and businesses.

Known as “The Tax Relief for American Families and Workers Act of 2024,” the proposed framework from Senate Finance Committee Chair Ron Wyden (D-OR) and House Way and Means Chair Jason Smith (R-MO) includes the much-anticipated child tax credit enhancements, combined with tweaks to certain Tax Cuts and Jobs Act (TCJA; PL 115-97) business provisions that have enjoyed bipartisan support.

The full text of the proposal can be found here.

We cannot vouch for the timing or likelihood of passage as of the date of this article, but as more information is known about the proposed Act, the Intuit® Tax Pro Center will continue to update this blog post.