Washington, DC – Today, Congressman Mike Carey (R-OH) applauded the U.S. House of Representatives for passing a bipartisan tax bill that will lift up middle-class families and American manufacturing equally.
“Our bipartisan tax package will deliver real results for Ohio families,” said Rep. Carey, who serves on the House Ways and Means Committee which drafted the bill. “I’m particularly proud to have fought for the inclusion of new incentives for American manufacturing and expanded affordable housing tax credits. Our bill will create new jobs, raise wages for American workers, and help build 2,500 new affordable housing units throughout central Ohio.”
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 boost 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%. It’s 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.
This comes as 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.
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.