August 1, 2024 2024-1478 Tax bill vote fails in Senate A procedural vote toward consideration of the House-passed Tax Relief for American Families and Workers Act (H.R. 7024) failed, as expected, in the Senate August 1. The vote was 48-44 with 60 votes required and most Republicans opposed, with some arguing that a better deal could be struck on tax issues in 2025 if the GOP gains greater control in Congress and, perhaps, the presidency. Republicans voting in favor were Senators Markwayne Mullin (R-OK), Josh Hawley (R-MO), and Rick Scott (R-FL). Senators Bernie Sanders (I-VT) and Joe Manchin (I-WV), who caucus with Democrats, voted "no." Senate Majority Leader Chuck Schumer (D-NY) voted "no" for procedural reasons. The bill, which was passed by the House on January 31, would expand the Child Tax Credit and the Low-Income Housing Tax Credit (LIHTC); address the TCJA pre-cliffs on IRC Section 174 five-year R&D amortization, 163(j) interest deductibility, and bonus depreciation; and provide disaster relief and tax treaty benefits with Taiwan. With this vote, it is unlikely that the Senate will pass the bill, at least before the election, though Leader Schumer has expressed some hope for reconsideration after the August recess. * * * * * * * * * * | Contact Information | For additional information concerning this Alert, please contact: Washington Council Ernst & Young - Any member of the group, at (202) 293-7474.
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