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Molinaro Passes Bipartisan Tax & Inflation Relief Bill For Working Families

Molinaro: Relief Bill Is Pro-Worker, Pro-Family, Pro-Growth

Washington, January 31, 2024

Washington, DC – U.S. Rep. Marc Molinaro (NY-19) today released the following statement on his vote to pass the bipartisan Tax Relief for American Families and Workers Act:

“Working families in Upstate New York are facing an affordability crisis with historic inflation bogging them down. They need tax & inflation relief now. Our bipartisan bill delivers.

“First, the bill answers my calls to expand the Child Tax Credit – putting more money in parents’ pockets to help them deal with soaring gas, grocery, and childcare costs. Second, it helps small businesses innovate and grow, making it cheaper to stay in Upstate New York and create job opportunities right here at home. Third, it enhances the Low-Income Housing Tax Credit to address the shortage of affordable housing options in Upstate New York.  

“No bill is perfect, and as it moves forward, I’m continuing the fight to address the SALT cap and deliver property tax relief. But, we can’t let the perfect be the enemy of the good. When I have a bipartisan opportunity to deliver meaningful tax & inflation relief for working families, I’m taking it.”

Specifically, the bipartisan Tax Relief for American Families and Works Act:

  • Expands the Child Tax Credit by adjusting the credit for inflation and eliminating the penalty for larger families to ensure it applies fairly to parents with multiple children. A nonpartisan analysis by the University of Pennsylvania’s Penn-Wharton Budget Model found that these provisions will deliver $20 billion in enhancements.

  • Restores full Research & Development (R&D) expensing so Upstate New York businesses can immediately deduct the cost of their investments, grow in New York, and create jobs. That same nonpartisan analysis found that these provisions will deliver $200 billion in incentives for workers and job creators.

  • Increases supply 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.