06
Feb
With NAHB’s Strong Backing, House Passes Tax Bill
On a solid bipartisan vote of 357 to 70, the recently House approved the American Families and Workers Act of 2024, legislation that would expand the federal child tax credit and enact a number of other business-related provisions.
NAHB strongly supports the roughly $80 billion tax package, which contains a number of provisions of interest to the housing and business community. Specifically, the bill would:
- Strengthen the Low-Income Housing Tax Credit (LIHTC). LIHTC helps finance the construction and preservation of affordable rental housing. This bill would temporarily increase the amount of credits allocated to states by 12.5% for calendar years 2023 through 2025. The measure also provides more flexibility when using bonds to finance a LIHTC project.