Congressman Horsford Champions Proposals to Extend the Child Tax Credit, Create Clean Energy Jobs, and Lower Health Care Costs through the Build Back Better Act

WASHINGTON, D.C. — Today, Congressman Steven Horsford (D-NV-04) joined his colleagues on the House Ways and Means Committee to consider proposals in the Build Back Better Act that would lower costs for working families, address the rising cost of health care and prescription drugs, and invest in clean energy and job creation.

"Today, we moved one step closer to building the fair, equitable economy Nevadans deserve," said Congressman Steven Horsford. "The legislation debated by the House Ways and Means Committee during today's markup would lift up millions of families, seniors, and small businesses while rebuilding our nation stronger than before. I thank my colleagues for considering my proposals to invest in clean energy and cap drug costs for seniors, and I look forward to working together to pass the full Build Back Better Act into law."

In remarks delivered to the Committee this afternoon, Congressman Horsford emphasized the Build Back Better Act's investments to extend a historic tax break for families with children, lower the cost of housing, expand access to renewable energy, and construct regional transmission lines to strengthen the electric grid and create clean energy jobs. The full video of his remarks can be found here.

During Committee debate, Congressman Horsford spoke forcefully against Republican efforts to delay tax cuts for small businesses. He also highlighted key provisions in the Build Back Better Act that would cap out-of-pocket drug costs for Medicare beneficiaries and cut taxes for businesses with income under $400,000.

During today's markup, the House Ways and Means Committee considered the following proposals authored or co-authored by Congressman Horsford:

• GREEN Act, which would make investments to tackle the climate crisis through the tax code. The GREEN Act includes Congressman Horsford's Dynamic Glass Act, which would incentivize businesses to invest in the technology and deployment of electrochromic glass to reduce greenhouse gas emissions.
• Electric Power Infrastructure Improvement Act, which would create an investment tax credit to help promote construction of regionally significant transmission projects across the nation.
• Capping Drug Costs for Seniors Act, which would create an out-of-pocket spending maximum for the millions of Medicare beneficiaries who are enrolled in the Medicare Part D prescription drug program.
• Low-Income Housing Renewable Energy Credit Act, which would bring the economic and environmental benefits of solar energy to low-income individuals and communities, using the tax code to advance environmental and economic justice.

In full, the legislation considered by the House Ways and Means Committee today included proposals that would: Extend the American Rescue Plan (ARP) expansion of the Child Tax Credit through 2025 and make permanent the American Rescue Plan expansions of the Earned Income Tax Credit and the child and dependent care tax credit;

• Expand proven tax credit programs that encourage economic and affordable housing investments in communities that are most in need;
• Support clean energy investment and deployment and the creation of good union jobs;
• Reinstate Build America Bonds and advanced refunding bonds to provide financing to state and local governments and spur investment in the private sector;
• Lower prescription costs for Americans by allowing the Department of Health and Human Services Secretary to negotiate for lower drug prices;
• Provide immediate coverage for Americans in the Medicaid coverage gap;
• Extend the American Rescue Plan's expanded premium tax credits to help lower health insurance costs;
• Mitigate wealth inequality and strengthen the progressive power of our tax system by increasing the individual tax rate, increasing the top capital gains rate, and adding a modest surtax on the highest-income taxpayers.

Media Contact
Geneva Kropper | geneva.kropper@mail.house.gov | 202-849-0251