The house has overwhelmingly approved a bipartisan tax package that pairs a temporary expansion of the child tax credit with business tax breaks and credits to develop more low-income housing.
The bill includes $33 billion to expand the widely used child tax credit for three years — including the tax season currently underway, provided the bill quickly passes the Senate. The changes would allow more low-income families to access the credit and would allow many families to receive a larger credit. The figures would also be adjusted for inflation in the coming years.
The deal is the result of negotiations between House Ways and Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore., and has provided a rare moment of bipartisanship at a time when Congress has been paralyzed by divisions of all kinds.
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