Is H.R. 7024 a Political Football?

After months of delays in the U.S. Senate, Senate Majority Leader Chuck Schumer (D-NY) plans to take H.R. 7024 to the Senate floor for a vote before the August recess. Most believe that the bill will not pass in the Senate as this step intends to put Republicans on the spot (and on the record). In recent months, Senate Republicans have been steadfast in their opposition to the expansion of Child Tax Credits. Senator Chuck Grassley (R-IA) added that Republicans are reluctant to give President Biden a policy win in an election year. The bottom line is that H.R. 7024 remains a “political football.”

Though passage looks unlikely, I encourage businesses and CPAs to contact your senator, especially if they are in the Republican Caucus, to remind them of the strains 174 amortization has placed on businesses. The continued uncertainty of a 174 repeal paralyzes closely held businesses as they strive to manage daily operations and plan for future growth.