Republican senators blocked from further action Thursday The Tax Relief for American Families and Workers Act of 2024, H.R. 7024, which includes 100% bonus depreciation.
Senate Majority Leader Chuck Schumer, D-N.Y., said Thursday afternoon on the Senate floor that he was "saddened" that Republicans blocked a move to an executive session on the legislation.
The full House passed the bill in late January by a 357-70 vote.
The bill includes 100% bonus depreciation, allows for immediate research and development expensing and expands the Child Tax Credit.
The $79 billion legislation, which passed out of the House Ways and Means Committee on Jan. 19, also raises the small-business expensing cap, increasing the amount of investment that a small business can immediately write off to $1.29 million from the $1 million cap enacted in 2017.
"Voting against a paid-for, bipartisan compromise that sailed through the House is one of the grossest abdications of responsibility from Senate Republicans in recent memory," Rep. Richard Neal, D-Mass., ranking member on the House Ways and Means Committee, added in a statement Thursday.
"You cannot call yourself a governing party and act so blatantly partisan or political," Neal said. The 16 million children who could've benefited from this relief don't know one political party from the other, but the American people are sure to remember Republicans' failure."
