Tax Package Could Be Useful Lame-Duck Launching Point

Tax attorney Joshua Odintz was interviewed by Tax Notes about the fate of a multibillion-dollar tax package passed by the U.S. House of Representatives but rejected by the U.S. Senate. The Tax Relief for American Families and Workers Act of 2024, which includes $33.5 billion for an enhanced child tax credit and $32.8 billion for business tax breaks, took nearly six months to negotiate but was denied a procedural move for advancement in the Senate. Mr. Odintz commented that all hope is not lost, however, now that President Joe Biden is no longer running for re-election, explaining the upcoming lame duck session presents a chance to work on a deal tackling expired provisions.

"Once we get past the election, perhaps there'll be an opportunity to address those expired provisions," he remarked, adding that he thinks lawmakers "can sit down at the table and get to a deal on extenders."

Mr. Odintz cautioned that removing individual provisions from the bill could upset its balance, though aspects like Taiwan-U.S. double taxation relief could become candidates for a so-called "Christmas tree bill" assembled at the end of the year.

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