$78 Billion Tax Bill Passes in the House of Representatives

The tax bill, which includes tax breaks that benefit small businesses, passed in the house with overwhelming bipartisan support.

A $78 billion tax bill passed with bipartisan support in the U.S. House of Representatives and will now move on to the Senate.

The Tax Relief for American Families and Workers Act of 2024 includes tax breaks that would benefit small businesses and has been supported by the American Dental Association for its potential to benefit private practices. The bill also includes $33 billion for an expanded child tax credit for working families.

Key provisions include an increased limit on expensing of depreciable business assets and allowing a deduction for research and experimental expenses.

The bill garnered considerable support from both parties, passing in a vote of 357 to 70 in the Republican controlled House, with 47 Republicans and 23 Democrats voting against it.

In a letter to Congress that was posted on ADA News, ADA executive director Raymond Cohlmia, DDS, and president Linda J Edgar, DDS, expressed appreciation for including provisions that benefitted dental professionals.

“Thank you for the opportunity to comment on the Tax Relief for American Families and Workers Act of 2024 and for including expensing of depreciable business assets and a deduction for research and experimental expenditures,” Cohlmia and Edgar wrote in the letter. “We stand ready to collaborate with you in your efforts to craft tax policy that will benefit small businesses, dental practices and American families and workers.”

The bill now moves on to the Senate where Democrats hold a small majority.