CONGRESSMAN PAT RYAN DELIVERS FOR WORKING FAMILIES, SMALL BUSINESSES, AND AFFORDABLE HOUSING, HELPS PASS THE TAX RELIEF FOR AMERICAN FAMILIES AND WORKERS ACT OF 2024

Pat Ryan Delivers for Working Families, Small Businesses, and Affordable Housing, Helps Pass the Tax Relief for American Families and Workers Act of 2024

Expanded Child Tax Credit will provide relief for 16M working families, including 40,000 kids in NY-18 alone

Enhanced Low-Income Housing Tax Credit will develop more than 200,000 affordable housing units

Small Business tax incentives will spur investment in Hudson Valley manufacturing

WASHINGTON, DC –  Last night Congressman Pat Ryan helped pass the Tax Relief for American Families and Workers Act of 2024, landmark legislation that expands the Child Tax Credit, increases the Low-Income Housing Tax Credit, and delivers relief for small businesses.  In NY-18 alone, 40,000 families with children are expected to benefit from the expanded Child Tax Credit. While this bill does not address critical SALT reform, Congressman Ryan has continued to push to get rid of this blatant double-taxation, and a standalone bill that would increase the SALT deduction for married couples is expected to be on the floor next week. 

“Hudson Valley families are feeling the pressure of making ends meet – this landmark legislation provides direct relief, lifting hundreds of thousands of kids out of poverty and lowering the cost of housing for hundreds of thousands more,” said Congressman Pat Ryan. “Combined with historic investments in our local small businesses and increased incentives for research and development, we’re setting up the Hudson Valley economy to thrive for decades to come.”

The Tax Relief for American Families and Workers Act will:

• Lower the cost of housing by enhancing the Low-Income Housing Tax Credit, which will help develop more than 200,000 affordable housing units.
• Deliver significant tax relief to victims of natural disasters.
• Confront child poverty by partially restoring the expanded Childhood Tax Credit, which will benefit 40,000 kids in the Hudson Valley
  • Examples of families who could benefit from the expanded CTC:
    • A single parent with two children who earns $13,000 working part-time as a home health aide would see their credit double (a $1,575 gain) in the first year.
    • A single parent with two children who earns $22,000 as a child care worker would gain $675 in the first year.
    • A married couple — with one parent earning $32,000 as a nursing assistant and the other parent staying home to take care of their three young children — would gain $975 in the first year.

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