House passes bipartisan $78 billion child tax credit and business investment break bill

The House passed a major bipartisan bill on Wednesday that would expand the child tax credit and renew key business investment deductions.

The vote was 357-70, with members of both parties supporting the $78 billion legislation, H.R. 7024, the Tax Relief for American Families and Workers Act.

The bill faces some obstacles in the Senate. The White House, though, has indicated that President Joe Biden supports the plan.

Lawmakers have been rushing to get this bill signed into law in time for tax season, which begins at about the end of January.

The Wednesday vote was preceded by deal-making in the lower chamber. On Tuesday, four New York Republicans threatened to tank an unrelated procedural vote to protest GOP leaders’ decision not to include in the tax legislation any changes to federal deductions for state and local taxes paid.