(WNY News Now) – WASHINGTON, D.C. – This week, Congressman Nick Langworthy (NY-23) voted in favor of H.R. 7024, Tax Relief for American Families and Workers Act of 2024, which passed the House with wide bipartisan support in a vote of 357-70.

“The Tax Relief for American Families and Workers Act will provide much-needed economic relief to Americans and small businesses by investing in our economy, creating jobs, and helping hard-working families,” said Rep. Langworthy. “This legislation will solidify President Trump’s pro-growth tax incentives for American innovation through provisions like R&D Expensing and builds on the successful Child Tax Credit to end penalties for large families. I’m proud to support this landmark tax reform initiative that will not only allow our nation to compete on the world stage, but will also retain $622 million a year in wages for New York State.”

This bipartisan tax package is the most significant non-emergency tax package in nearly a decade when Congress passed the PATH Act in 2015.

Key background:

The package locks in $600 billion of tax incentives from the 2017 tax reforms with a record of creating jobs, raising wages, and investing in America:

• Research and Development (R&D) investment incentives will…
  • Create over $70 billion in new R&D investment in the United States.
  • Support 2 million direct R&D jobs and over 21 million total jobs – particularly in U.S. manufacturing.

• Interest Deductibility will…
  • Create 867,000 new jobs.
  • Generate $58 billion in additional take-home pay for American workers.

• 100% Immediate Expensing will…
  • Increase investment by $400 billion.
  • Create 73,000 new jobs.