McClellan Votes in Support of Bipartisan Tax Package

Washington, D.C. – Today, Congresswoman Jennifer McClellan (VA-04) voted in support of H.R. 7024, the bipartisan Tax Relief for American Families and Workers Act, to support Virginian families, incentivize American innovation and growth, and extend the transformational Child Tax Credit. 

H.R. 7024, the Tax Relief for American Families and Workers Act: 

• Supports Working Families with an Enhanced Child Tax Credit with phased increases to the refundable portion of the credit for 2023, 2024, and 2025. 
   
• Expands American Innovation and Competitiveness by empowering small businesses to deduct the cost of U.S.-based research and development and restoring full and immediate expensing for machine, equipment, and vehicle investments. 
   
• Rebuilds Communities Struck by Disasters by providing disaster tax relief for recent hurricanes, flooding, wildfires, and the Ohio rail disaster. 
   
• Increases Low-Income Housing Supply by enhancing the Low-Income Housing Tax Credit with increased state allocations and a reduced tax-exempt bond financing requirement. 

“I voted in support of the bipartisan, bicameral tax package to empower hardworking Virginian families and small businesses to achieve their financial goals,” said Congresswoman McClellan. “The enhanced Child Tax Credit and Low-Income Housing Tax Credit will make meaningful impacts in the lives of children and families across our nation. This package represents a bipartisan compromise and a step in the right direction that will provide much-needed relief to working families with children while supporting our nation’s small businesses.” 

According to the Center on Budget and Policy Priorities, the expanded Child Tax Credit will benefit nearly 16 million children nationwide and lift almost half a million kids out of poverty next year. Estimates show that 298,000 children across Virginia – and 38,000 children in Virginia’s Fourth Congressional District – will benefit from this expansion.

Read H.R. 7024 bill text here and a section-by-section summary here.