Representative Kiley Supports the Tax Relief for American Families and Workers Act of 2024
WASHINGTON – Representative Kevin Kiley (R-CA) released the following statement after passage the Tax Relief for American Families and Workers Act of 2024. Several bills co-sponsored by Rep. Kiley were incorporated into the final bill.
“The Tax Relief for American Families and Workers Act of 2024 will ease the burden for Californians struggling under the weight of inflation and record high cost of living. This bill eliminates wasteful spending and will save taxpayers thousands of dollars in the coming years. I am thankful the final bill prevents fire victims in my district from having their settlements taxed and increases support for much needed affordable housing. I thank Ways & Means Committee Chairman Jason Smith and Speaker Mike Johnson for bringing this legislation through the House and I urge its swift passage in the Senate,” said Rep. Kiley.
The following pieces of legislation were cosponsored by Rep. Kiley and included in the Tax Relief for American Families and Workers Act of 2024:
- H.R. 4970 Protect Innocent Victims of Taxation After Fire Act
- This bill excludes from gross income, for income tax purposes, any amount received after 2019 and before 2026 by an individual taxpayer as a qualified wildfire relief payment. The bill defines such payment as compensation for expenses or losses incurred as a result of a federally declared forest or range fire disaster.
- This legislation corrects an injustice for Californians who had suffered greatly from PG&E fires and were taxed on the settlements that they had received.
- H.R. 3238 Affordable Housing Credit Improvement Act
- The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 and extends the inflation adjustment for such amounts. The Low-Income Housing Tax Credit (LIHTC) subsidizes the acquisition, construction, and rehabilitation of affordable rental housing for low- and moderate-income tenants.
- This extends and updates the Low-Income Housing Tax Credit to create new housing opportunities in CA and across the country.
- H.R. 2673 American Innovation and R&D Competitiveness Act
- This bill eliminates the five-year amortization requirement for research and experimental expenditures, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred.
- This will enhance the competitiveness of US companies particularly in our competition with China.
- H.R. 2406 ALIGN Act
- This bill makes permanent the expensing of certain new business equipment. Expensing allows the deduction of the full amount of an expense item in the same taxable year.
- Again, enhances the competitiveness of domestic manufacturing.
Click here to view Rep. Kiley’s remarks on the House Floor. Click here to view the text of the bill.