WASHINGTON, D.C. – Congressman Brad Finstad (MN-01) issued a statement after the House passed H.R. 7024, the Tax Relief for American Families and Workers Act, a bipartisan tax package that passed the House in a vote of 357-70.

Congressman Finstad supported the legislation, saying:

“The Tax Relief for American Families and Workers Act delivers real relief for the families and businesses in southern Minnesota that continue to suffer from record-high inflation,” said Rep. Finstad. “This strong, bipartisan tax deal is commonsense legislation that incentivizes research and development, strengthens trade partnerships with our allies, and encourages American innovation. This bill is a step in the right direction in putting more of Americans’ hard-earned money back in their pockets, and I look forward to it being signed into law.”

The Tax Relief for American Families and Workers Act restores key provisions from the 2017 Tax Cuts and Jobs Act, such as R&D expensing, interest deductibility, and immediate expensing. In addition, the legislation:

• Supports working families with an enhanced Child Tax Credit;
• Expands innovation and competitiveness with pro-growth economic policies like R&D expensing;
• Builds up Main Street by cutting red tape and rebuild communities struck by disasters with tax relief;
• Enhances the Low-Income Housing Tax Credit; and
• Eliminates fraud and waste by ending the Employee Retention Tax Credit program;
• Maintains Social Security Requirements as enacted into law in 2017;
• Reinstates claiming the Child Tax Credit as a part of tax filing instead of checks from the IRS as enacted through the Inflation Reduction Act.