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February 05, 2024

Rep. Aguilar Celebrates Child Tax Credit Expansion, Tax Relief for Local Businesses

Today, Rep. Aguilar celebrated House passage of the bipartisan tax reduction bill that will help lower costs for hardworking parents, bolster the local economy and drive innovation.

The Tax Relief for American Families and Workers Act increases the Child Tax Credit (CTC) for hardworking families from $1,600/child per year to $2,000/child per year by 2025. In California’s 33rd (formerly 31st) Congressional District, the expanded CTC benefited 168,000 children while in effect in 2021, and this revitalized CTC is expected to help at least 61,000 households.

This bill also provides needed tax relief for businesses by allowing them to deduct the full amount of a research and development investment from their taxable income, as well as allowing businesses to factor equipment depreciation into their tax deductions.

“Our country has seen tremendous economic progress over the last three years, and this bill will continue to drive forward the progress we have made for families and businesses in the Inland Empire by lowering their taxes,” said Rep. Aguilar. “The expanded Child Tax Credit and the other tax relief provisions within this bill will help us support our hardworking parents, help local businesses continue to grow and create more good-paying jobs in our region.”

“CCRC is honored to partner with Congressman Aguilar around the passing of H.R. 7024, the Tax Relief for American Families and Workers Act, by the House of Representatives. This bill includes provisions to temporarily expand the child tax credit for millions of families. This would be a welcome financial relief for many California families who struggle to meet the basic needs for their children,” said James Moses, Regional Director of the Child Care Resource Center San Bernardino.

“These collaborative efforts underscore the importance of bipartisan initiatives that prioritize the well-being of businesses and the broader economy. We believe that the Tax Relief for American Families and Workers Act, with its thoughtful provisions and forward-looking policies, will play a pivotal role in shaping a brighter and more prosperous future for our region,” said Paul Granillo, President of the Inland Empire Economic Partnership.

“Rep. Aguilar has been our biggest champion for as long as we have known him. The Tax Relief for American Families and Workers Act will enable us to immediately deduct the entire cost of our substantial research and development investments instead of spreading it out over five years. This is critically important for us as it enhances our cash flow, and crucial for hiring new workers and attracting and accelerating investment,” said Jason Lee, CEO of Fenix Space.

This bill now awaits a vote in the US Senate.

Photos and videos from the event can be viewed here.

Rep. Aguilar serves as Chair of the House Democratic Caucus and as a member of the House Committee on Appropriations.