January 31, 2024
Bill also restores research and development tax incentives that are crucial to San Diego’s innovative businesses
Washington D.C. – Today, Representative Scott Peters (CA-50) voted for bipartisan legislation to help working families and boost American competitiveness by expanding the Child Tax Credit, strengthening the Low Income Housing Tax Credit, and restoring research and development tax incentives.
“I think of our nation’s working families and children and their futures with every vote I take in Congress,” said Rep. Peters. “This legislation will make a meaningful dent in childhood poverty and help struggling families catch their breath. It also makes a significant investment in increasing our affordable housing stock, which will lower prices and help keep our neighbors housed. Finally, the research and development tax incentives in this package are essential for innovative businesses like those in San Diego that may discover the next cure, scientific breakthrough, or technological innovation. I implore my colleagues in the Senate to take up this legislation as soon as possible and send it to the President’s desk.”
- Child Tax Credit (CTC): This legislation would expand access to the Child Tax Credit with a phased increase to the refundable portion of the child tax credit for 2023, 2024, and 2025. Rep. Peters has been a longtime supporter of the CTC and, as the New Democrat Coalition Vice Chair for Policy last Congress, Rep. Peters included expanding the Child Tax Credit in the coalition’s Action Plan to Fight Inflation. The Center on Budget and Policy Priorities estimates that the bill would benefit 16 million children in low-income families and “lift as many as 400,000 children above the poverty line” in its first year, with even more set to benefit in 2025. Additionally, a study from the Joint Economic Committee Democrats estimates that 18,000 children in CA-50 and over 2,000,000 children statewide would benefit from the expanded CTC.
- Low-income Housing: The Low-Income Housing Tax Credit is a critical federal tool within tax policy to expand affordable housing, and this legislation is expected to result in the addition of more than 200,000 units of housing. As a champion of federal policy that expands affordable housing, Rep. Peters has introduced important legislation like the Build More Housing Near Transit Act and the Rent Relief Act to tackle this problem.
- Research & Development: Rep. Peters is a strong supporter of tax policy that supports U.S. innovation, and the federal research & development tax credit is an important component of that. This legislation restores immediate expensing for all domestic research and development, a movement away from the Trump-era five-year amortization requirement. This bipartisan provision will help ensure that U.S. companies are able to make the investments that keep the American economy at the forefront of innovation.