Larson Votes to Advance Tax Relief for Families and Small Businesses

Washington, D.C. - Today, Rep. John B. Larson (CT-01) voted to advance H.R. 7024 in the House Ways and Means Committee, bipartisan legislation to expand the Child Tax Credit, restore research and development expensing to support small businesses in addition to other tax provisions. 

“Today’s vote advances critical tax relief for American families and small businesses across the country,” said Larson. “I am disappointed that my Republican colleagues rejected Democratic proposals that would have improved the Child Tax Credit to more closely match what was accomplished in the American Rescue Plan. I voted to support this legislation because it will benefit 16 million low-income families, including 119,000 right here in Connecticut, and lift 400,000 families out of poverty.  I will continue to work with my colleagues, especially Reps. Rosa DeLauro and Suzan DelBene, until the Child Tax Credit matches what our children truly deserve.   

“Critically, this bill includes my legislation to restore the R&D deduction that was eliminated in the 2017 Tax Law,” Larson continued. “I have heard from countless small businesses in my District how the elimination of immediate R&D expensing has made it more difficult to invest the next generation of technologies. I am pleased this bill includes the R&D fix, which will bolster American competitiveness while incentivizing the creation of good paying jobs in Connecticut and across the nation.”