Today, Congresswoman Suzan DelBene (WA-01) released the following statement after securing critical middle-class tax provisions in the Ways & Means Committee markup of the Build Back Better Act:
“Building back better means focusing on the middle class. From helping put food on the table to producing affordable housing, these provisions will invest in middle-class families and set them up for success. I’m committed to seeing these policies through the House and Senate and getting them to President Biden’s desk.”
DelBene championed the following provisions that were advanced in the draft reconciliation bill:
Child Tax Credit: The bill includes an extension of the expanded Child Tax Credit to provide qualifying families with monthly payments of up to $300 per child through 2025. The American Rescue Plan expansion of the Child Tax Credit has helped keep an estimated 3 million children out of poverty and 3.3 million more households put enough food on the table since monthly payments began in July.
Low-Income Housing Tax Credit: The bill also includes an expansion of the Housing Credit that will finance the creation or rehabilitation of more affordable housing across the country and incentivize housing development that serves extremely low-income families. Additionally, the package extends the temporary 12.5 percent increase in LIHTC state allocations (which has already resulted in more than 59,000 affordable homes than otherwise possible) and increases the amount by an additional 50% for the next 7 years.