North Columbus News

Washington, DC - Congressman Mike Carey (R-OH) expressed his appreciation for the passage of a bipartisan tax bill by the U.S. House of Representatives. The bill aims to uplift middle-class families and American manufacturing. Serving on the House Ways and Means Committee, which drafted the bill, Rep. Carey highlighted the positive impact it will have on Ohio families. He stated, "Our bipartisan tax package will deliver real results for Ohio families."

The Tax Relief for American Families and Workers Act of 2024 is the outcome of bipartisan negotiations between the GOP-controlled House Ways and Means Committee and the Democratic-run Senate Finance Committee. It includes provisions that will benefit American job creators and workers alike.

One of the key components of the bill is the immediate deduction of research and development costs and investments in new technology. These deductions were initially introduced in the 2017 tax law under the Trump administration and are set to expire next year. Economists have warned that the failure to extend these deductions could result in the loss of over one million jobs.

Additionally, the bill expands the Low-Income Housing Tax Credit from 9% to 12.5%. This expansion is expected to create over 200,000 new affordable housing units across the country. In Ohio, specifically, it will contribute to the construction of 2,500 additional housing units. The need for affordable housing in Ohio's 15th district is pressing, as nearly 400,000 hard-working Ohioans are currently spending more than half of their monthly income on housing.

Rep. Carey emphasized the significance of the expanded Low-Income Housing Tax Credit, stating, "Our bill will create new jobs, raise wages for American workers, and help build 2,500 new affordable housing units throughout central Ohio."

The Low-Income Housing Tax Credit has played a crucial role in Ohio's housing sector since 1986. It has been responsible for the creation or preservation of nearly 13,000 units of affordable housing in Ohio's 15th district. Moreover, the tax credit has generated approximately $850 million in tax revenue and supported over 20,000 jobs per year in construction and related trades.

The passage of this bipartisan tax bill represents a significant step towards addressing the housing crisis and supporting American manufacturing. With the inclusion of incentives for American manufacturing and expanded affordable housing tax credits, the bill aims to stimulate job growth, boost wages, and provide much-needed assistance to Ohio families.

The Tax Relief for American Families and Workers Act of 2024 now awaits further deliberation in the Senate.