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Brown calls for passage of tax cut deal

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) hosted a news conference call with former Republican U.S. Representatives Steve Stivers, President and CEO of the Ohio Chamber of Commerce, and Pat Tiberi, President and CEO of the Ohio Business Roundtable, and Linda May, Councilwoman for the City of East Palestine, to call for swift passage of the Bipartisan Tax Deal that Brown negotiated with Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways & Means Committee Chairman Jason Smith (R-MO-8). 

The deal will cut taxes for many Ohio parents by expanding the Child Tax Credit, support Ohio manufacturers by rewarding domestic investment in research and development, ensure residents of East Palestine won’t get hit with a surprise tax bill for payments they received from Norfolk Southern, and help make housing more affordable by expanding the Low Income Housing Tax Credit.

“This bipartisan tax cut deal is a win for Ohioans. It’s going to cut taxes for many Ohio parents and for Ohio manufacturers, and will also protect residents of East Palestine from surprise tax bills,” said Brown. “We need to get this passed before tax season, so that Ohio parents and Ohio manufacturers can start saving money. I’ll do everything in my power to get this passed into law as soon as possible.”

"I was pleased a deal was reached earlier this week with the tax package introduced by Senator Brown, Chairman Wyden and Chairman Smith. This legislation will provide, among other things, renewed access to business tax deductions for thousands of Ohio businesses, such as immediate bonus depreciation for capital expenditures on machines and equipment, research and development expensing to allow American companies to remain on the leading edge of innovation, and deductibility of interest on loans for businesses that borrow at higher interest rates to cover payroll and operating costs. These provisions offer federal tax relief that business owners can utilize to re-invest in their operations and provide further economic growth," said Ohio Chamber of Commerce President & CEO Steve Stivers. "We thank Senator Brown and his fellow Republican and Democrat leaders in Congress for their work on this package and look forward to seeing its passage to ensure these tax relief measures are utilized by businesses and communities across Ohio."

“The Tax Relief for American Families and Workers Act of 2024 will help companies in Ohio and across the country compete on a global scale in advanced industries such as semiconductor and microelectronics manufacturing. The Ohio Business Roundtable applauds the bipartisan framework, which will spur on research and innovation at this critically important time,” said Ohio Business Roundtable President & CEO Pat Tiberi.

The plan will be introduced as the Tax Relief for American Families and Workers Act of 2024. Along with the wins for Ohioans listed above, it will be paid for by eliminating fraud and waste by ending the Employee Retention Tax Credit program, and will not add to the federal deficit.

Specifically, the Tax Relief for American Families and Workers Act of 2024 would:

Cut Taxes for Ohio’s Working Families By Enhancing the Child Tax Credit

• Create a phased increase to the refundable portion of the child tax credit for 2023, 2024, and 2025.

• Ensure the Child Tax Credit phase-in is applied fairly to families with multiple children, eliminating penalties for larger families.

• Create flexibility for taxpayers to use either current- or prior-year income to calculate the Child Tax Credit in 2024 or 2025, similar to bipartisan action taken six times in the past 15 years.

• Adjust the tax credit for inflation starting in 2024.

Cut Taxes for Ohio Businesses That Invest in American Innovation

Encourage Ohio and American innovation to improve competitiveness on a global scale through Research & Development (R&D) expensing, so businesses of all sizes can immediately deduct the cost of their U.S.-based R&D investments instead of over five years.
Provide continued flexibility for businesses forced to borrow at higher interest rates to meet their payroll obligations and expand their operations through interest deductibility.
Restore full and immediate expensing for investments in machines, equipment, and vehicles.
Strengthen America’s competitive position with China by removing the current double taxation that exists for businesses and workers with a footprint in both the United States and Taiwan.

Ensure East Palestine Residents Aren’t Hit by a Surprise Tax Bill

Help families get back on their feet with disaster tax relief covering recent hurricanes, flooding, wildfires, and the 2023 Norfolk Southern train derailment in East Palestine, Ohio.

Increase the availability of affordable housing by enhancing the Low-Income Housing Tax Credit, a public-private partnership with a proven track record, with increased state allocations and a reduced tax-exempt bond financing requirement.

Eliminate Fraud and Waste by Ending the Employee Retention Tax Credit Program, saving over $70 billion in taxpayer dollars by accelerating the deadline for filing backdated claims to January 31, 2024 under the COVID-era employee retention tax credit – a program hit by major cost overruns and fraud.

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