Last week the House of Representatives passed H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, by an overwhelming bipartisan vote of 357-70. NAIOP and a coalition of real estate associations supported the legislation, which includes provisions important to commercial real estate. These include an extension of more favorable business interest deductibility provisions through 2025, extension of 100% bonus depreciation through 2025, and continued application of the 12.5% increase in allocation of low-income housing tax credits to states.

Despite the strong vote in the House, several members of the Senate have voiced concerns with other provisions included in the bill, specifically concerning expansion of the child care tax credit. The legislation was negotiated by Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO). However, the ranking Republican on the Senate Finance Committee, Mike Crapo (R-ID), has called for a markup of the legislation by the committee to give Senators a chance to offer amendments to the bill. The bill, if amended, would have to be voted on again by the House.