2024: Schweikert Voted For The 2024 Tax Package That Provided Business And Family Tax Relief. In January 2024, Schweikert voted for , according to Congressional Quarterly, the "bill, as amended, that would extend and expand certain business tax incentives and the Child Tax Credit (both through 2025) while boosting credits for building affordable housing, providing tax relief to victims of natural disasters, and extending tax treaty-like benefits to Taiwan. Specifically, it would increase the maximum $2,000 child tax credit for inflation for the tax years of 2024 and 2025. Beginning in 2023, the bill also would increase the amount that is refundable each year while allowing families to base the tax credit on the prior year's income. It also would raise the maximum refundable amount per child to $1,800 for tax year 2023, $1,900 for tax year 2024, and $2,000 for tax year 2025. The bill also would provide additional tax relief for people impacted by natural disasters by allowing special rules for claiming an itemized deduction for a personal casualty loss--rules that went into effect in early 2021--to be applied to subsequent natural disasters. It would increase the 9 percent ceiling for low-income housing tax credit allocations by 12.5 percent and reduce the bond-financing requirements from 50 percent to 30 percent for projects financed by bonds issued before 2026. It would extend through 2025, the 'bonus depreciation' provision in the 2017 tax law that allowed 100 percent of the cost of an asset (except structures) to be deducted in the year the asset is placed in service. The bill also would reinstate through 2025 the ability of businesses to expense 100 percent of research and experimentation costs in the year they occur. It would retroactively apply this authority to 2022, the year the 2017 tax law required businesses to start taking deductions for those costs over five years. It would permanently increase both the maximum amount a business can deduct for first-year depreciation of assets, and the threshold at which businesses must report what they pay contractors and subcontractors. It would exempt wildfire relief payments received between 2020 and 2025 and East Palestine train derailment payments received on or after Feb. 3, 2023 from taxable gross income. It also would offset the estimated $79 billion cost of tax changes by terminating the COVID-19 era Employee Retention Tax Credit (ERTC) program for any claims filed after Jan. 31, 2024 and increase penalties on under-reporting of the credit. It also would create a new section of the tax code to provide Taiwan citizens, residents, corporations, partnership, trusts and estates with benefits similar to a typical tax treaty. The provisions would apply only if Taiwan extends the same benefits to U.S. residents and businesses operating in Taiwan." The vote was on passage. The House passed the bill by a vote of 357 to 70, thus, it was sent to the Senate. [House Vote 30, 1/31/24; Congressional Quarterly, 1/31/24; Congressional Actions, H.R. 7024]