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Extending Business, Child Credits May Cost Nearly $700 Billion (Correct)

Dec. 5, 2022, 7:11 PMUpdated: Dec. 7, 2022, 10:09 PM

Reinstating expired or expiring provisions from the 2017 tax law and 2021 Covid aid legislation sought by lawmakers could cost about $695 billion from 2023-32, according to a new analysis from the Urban-Brookings Tax Policy Center.

TPC looked at five elements of the laws being prioritized for inclusion in a year-end spending package, and found the distribution of benefits would vary significantly.

Congressional Republicans seek to bring back pieces of the 2017 tax law, such as a provision that gave businesses the ability to fully write off research and development costs the year they occurred.

Republicans also want to extend ...