Tax panel leaders clinch deal on child credit, business breaks

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. 

Wyden, D-Ore., and Smith, R-Mo., aim to pass the tax package before Jan. 29 to avoid disruptions to filing season. The two will need to shore up support amid criticism of the deal from the right and left and find a legislative vehicle for the measure.

“Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead,” Wyden said in a statement.