Horsford Votes for Bipartisan Tax Package to Lift Children Out of Poverty
The bipartisan Tax Relief for American Families and Workers Act will also fund 200,000 affordable homes across the country, including 2,010 in Nevada.
WASHINGTON – Congressman Horsford (NV-04) released the following statement following his vote to pass the bipartisan tax legislation that expands the Child Tax Credit to help an estimated additional 49,000 children in Nevada’s Fourth Congressional District. The legislation also delivers other critical wins to hardworking families and businesses, and it passed by a vote of 357-70 on the House floor.
“The bipartisan tax package puts investments towards the families who need them most, through expanding the Child Tax Credit to help 19 million children across the country, including 163,000 in Nevada and 49,000 in my district,” said Congressman Horsford. “Families making under $40,000 a year will receive a larger tax credit; that’s more than 1 in 3 Black children, 1 in 3 Latino children, and 3 in 10 indigenous children. We still have more work to do, but I’m proud of our bipartisan work to bring this bill to the floor and bring relief to the families who need it the most.”
The bipartisan Tax Relief for American Families and Workers Act contains two provisions to address the affordable housing crisis in Nevada. It will restore a 12.5 percent allocation increase for the Low-Income Housing Tax Credit provisions that lapsed in 2018, which allows states to allocate more credits towards affordable housing projects. In addition, the Private Activity Bond will only require 30% bond financing instead of the current 50%, which will benefit local governments trying to address housing shortages in their communities. These changes will finance the production or preservation of 200,000 additional affordable homes across the country, including 2,010 in Nevada alone.
When implemented by House Democrats in the 117th Congress, the expanded Child Tax Credit cut child poverty in half. After Republicans allowed it to lapse for over a year, the renewal of the program under the bipartisan Tax Relief for American Families and Workers Act will help 16 million children across the country, including lifting as many as 400,000 children out of poverty. The bill will allow low-income families to receive more of the credit than they were able to previously, calculates the refund amount for families on a per-child basis, and adjusts the credit for inflation starting in 2025 so it keeps pace with the cost of living.