South Atlanta News

U.S. Representative Drew Ferguson (R-GA) has officially endorsed the Tax Relief for American Families and Workers Act, expressing confidence in its potential to safeguard 2,318 jobs in Georgia and bolster competitiveness against China.

In a unified statement, Ferguson said, "Proud to support the Tax Relief for American Families and Workers Act, which will preserve 2,318 good-paying jobs in Georgia." He further emphasized the bill's strategic implications, stating, "This tax package makes us more competitive against China by promoting vital innovation & economic growth."

As reported by JDSUPRA, the proposed legislation includes provisions that would allow taxpayers to deduct domestic research or experimental costs until 2026 instead of amortizing them. It also adjusts the calculation limitation on interest deductions for tax years 2024-2026 and retroactively extends 100% bonus depreciation until January 2026. Other features include an increase in the maximum amount a taxpayer may expense, granting certain tax treaty benefits to residents of Taiwan, and enhancements to the low-income housing tax credit and tax-exempt bond financing rules.

U.S. Representative Drew Ferguson (R-GA) | house.gov

CBS News adds that the act aims to expand eligibility for the Child Tax Credit. The per-child amount is set to rise to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025 with adjustments for inflation in subsequent years. The bill also seeks to revive tax cuts for businesses with included deductions for research and development.

According to Fox News' coverage of House Speaker Mike Johnson's (R-LA) remarks on the matter: "The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform." Johnson also highlighted that this crucial bill intends to terminate a wasteful COVID-era program thereby saving taxpayers tens of billions of dollars.