Washington, DC – Today, Congressman Mike Carey (R-OH) announced that the House Ways and Means Committee had secured an expansion of the Low-Income Housing Tax Credit and the inclusion of American manufacturing incentives in bipartisan tax negotiations with the Democratic-controlled Senate.
“I’m proud to have fought for a bipartisan tax package that lifts up equally middle- and working-class families and American manufacturing,” said Rep. Carey. “I’m particularly proud of our push to expand affordable housing. The population of the Columbus metro region has exploded in recent years, but unfortunately home building has not grown at the same pace. Today, nearly 400,000 hard-working Ohioans are forced to spend more than half of their monthly income on housing.”
The Tax Relief for American Families and Workers Act of 2024 is the product of bipartisan negotiations between the GOP-controlled House Ways and Means Committee and the Democratic-run Senate Finance Committee.
The bill allows American job creators to immediately deduct research and development costs as well as investments in new technology that boosts productivity. Economists have warned that if these deductions, which were included in the Trump-era tax law of 2017 and are set to expire next year, are not extended more than one million jobs could be lost.
It also expands the Low-Income Housing Tax Credit from 9% to 12.5%. The expansion is estimated to add more than 200,000 new affordable housing units across the country. In Ohio, the expansion is estimated to add 2,500 additional housing units.
Since 1986, the Low-Income Housing Tax Credit has created or preserved nearly 13,000 units of affordable housing throughout Ohio’s 15th district. At the same time, the tax credit has also generated $850 million in tax revenue, while helping support more than 20,000 jobs per year in construction and other trades.
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