Issa Votes for Tax Relief for American Families, California Businesses

Washington – Last night, Congressman Darrell Issa (CA-48) voted in support of the Tax Relief for American Families and Workers Act. The bill supports pro-economic growth policies and delivers tax relief to American families. 

“I voted for the Tax Relief for American Families and Workers Act to affirm my commitment to reducing the tax burden on American families and businesses in San Diego, Riverside, and beyond. This bill restores important tax relief to small businesses and hardworking innovators that expand prosperity and develop cutting-edge technologies. It delivers relief to families and those affected by natural disasters. Let’s continue to support America’s entrepreneurial spirit and extend economic opportunity to every corner of this country,” said Rep. Issa

Key provisions of the bill include:

• Research and Development (R&D) Expensing to allow American businesses to continue to invest in innovation
• Interest deductibility to give relief to businesses forced to borrow at higher interest rates
• 100% expensing to allow small businesses to purchase the machines, equipment, and vehicles needed to operate
• Expand small business expensing cap to reduce tax burden for local businesses and entrepreneurs
• Cut small business red tape by adjusting reporting thresholds to account for increased labor costs and inflation
• Expands access and removes large family penalties with the child tax credit
• Encourages housing construction by the private sector for low-income families
• Exempts wildfire and flood disaster payments from federal income taxes

More information on the bill can be found here.