North Columbus News

Washington, DC – Congressman Mike Carey (R-OH) has announced the successful inclusion of measures to expand affordable housing and support American manufacturing in a bipartisan tax deal. The House Ways and Means Committee, which Carey is a part of, secured the expansion of the Low-Income Housing Tax Credit and the inclusion of incentives for American manufacturing in negotiations with the Democratic-controlled Senate.

In a statement, Rep. Carey expressed his pride in the bipartisan tax package, stating, "I’m proud to have fought for a bipartisan tax package that lifts up equally middle- and working-class families and American manufacturing." He also highlighted the importance of expanding affordable housing, particularly in the Columbus metro region, where the population has grown rapidly without a corresponding increase in home building. "Today, nearly 400,000 hard-working Ohioans are forced to spend more than half of their monthly income on housing," Carey noted.

The Tax Relief for American Families and Workers Act of 2024, the result of negotiations between the GOP-controlled House Ways and Means Committee and the Democratic-run Senate Finance Committee, includes several key provisions. One provision allows American job creators to immediately deduct research and development costs, as well as investments in new technology that boosts productivity. Economists have warned that failing to extend these deductions, which were initially included in the Trump-era tax law of 2017 and are set to expire next year, could result in the loss of more than one million jobs.

Another important provision of the bill is the expansion of the Low-Income Housing Tax Credit from 9% to 12.5%. This expansion is estimated to create over 200,000 new affordable housing units across the country, with approximately 2,500 additional units in Ohio alone. The Low-Income Housing Tax Credit has a strong track record of success, having created or preserved nearly 13,000 units of affordable housing in Ohio's 15th district since 1986. Additionally, it has generated $850 million in tax revenue and supported over 20,000 jobs per year in construction and other related trades.

The bipartisan nature of this tax deal reflects a commitment from both parties to address the pressing issues of affordable housing and American manufacturing. By expanding the Low-Income Housing Tax Credit and providing incentives for American job creators, this legislation aims to support both middle- and working-class families and boost the manufacturing sector.

The expansion of affordable housing and support for American manufacturing are critical components of a thriving economy. Congressman Carey's efforts, along with those of the House Ways and Means Committee and the Senate Finance Committee, demonstrate a commitment to finding common ground and delivering tangible benefits to the American people. As this bipartisan tax deal moves forward, it is expected to have a positive impact on communities across the country, providing much-needed affordable housing and supporting the growth of American manufacturing.