BGOV Bill Summary: H.R. 7024, Business & Child Tax Package (3)

Expired business tax breaks would be restored and the child tax credit would be enhanced through 2025 under the House-passed H.R. 7024.

The measure would restore three key business incentives related to research and development, bonus depreciation, and interest expenses, all of which were modified by Republicans’ 2017 tax law (Public Law 115-97).

It would increase the refundable portion of the child tax credit and direct the Treasury Department to redetermine a taxpayer’s child tax credit for early filers based on changes made by the measure.

The measure also includes bipartisan priorities to reduce double taxation of ...