Congressional negotiators are seeking nearly $80 billion in tax incentives for businesses and low-income households, leaders of the Senate Finance Committee and House Ways and Means Committee announced Tuesday. It was announced that a bipartisan agreement had been reached.
In a joint statement, the committee chairs said the $78 billion package would temporarily expand the child tax credit and expand the low-income housing tax credit, while also restoring various credits for businesses.
Senate Finance Committee Chairman Ron Wyden (D) and House Ways and Means Committee Chairman Jason Smith (R) said the deal includes disaster tax relief, among other provisions. .
Any bill must pass both the Democratic-led Senate and Republican-led House of Representatives before President Biden can sign it into law as lawmakers scramble to keep the government funded. There is.
The agreement comes as Congress aims to avert a partial government shutdown and keep federal agencies open through March by passing a short-term spending bill that would provide temporary funding to the U.S. government. Some of the spending is set to expire this week.
Wyden and Smith said they would generate more than $70 billion by curbing the employee retention tax credit passed to help businesses avoid layoffs during the coronavirus pandemic.
