US Business, Child Tax Break Faces Hurdles to Pass Congress (2)

US businesses eager for a tax deal announced by two powerful US lawmakers can’t yet bank on the corporate breaks.

The measure picked up the crucial backing of Senate Majority Leader Chuck Schumer on Tuesday but it still faces significant challenges to pass Congress in time for the Jan. 29 start of tax filing season.

The package, drafted by Democratic Senator Ron Wyden of Oregon and Republican Representative Jason Smith of Missouri, who lead Congress’s two tax-writing committees, includes roughly $80 billion in breaks for research and development, business interest and equipment depreciation, and changes to the child tax credit ...