Congressional negotiators have agreed on an almost $80 billion bipartisan deal providing tax advantages geared toward businesses and low-income families, the leaders of the Senate Finance and House Ways and Means committees said on Tuesday.
The $78 billion package would temporarily expand the Child Tax Credit and boost the low-income housing tax credit while also bringing back a spread of deductions for firms, the 2 committee chairmen said in a joint statement.
The deal also includes disaster tax relief, amongst other provisions, Senate Finance Committee Chairman Ron Wyden, a Democrat, and House Ways and Means Committee Chairman Jason Smith, a Republican, said of the deal.
Any package must still pass each the Democratic-led Senate and the Republican-controlled House before President Biden could sign it into law at a time when lawmakers are scrambling to maintain the federal government funded.
The agreement comes as Congress goals to avert a partial government shutdown and keep federal agencies operating into March by passing a short-term spending bill to temporarily fund the US government, with some spending set to run out this week.
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It could generate greater than $70 billion by curbing an worker retention tax credit passed amid the COVID-19 pandemic aimed toward helping businesses avoid layoffs, Wyden and Smith said.