A bipartisan and bicameral group of lawmakers have been steadfastly working on bipartisan tax legislation under the leadership of House Ways and Means Committee Chair Jason Smith (R-MO) and Ranking Member Ron Wyden (D-OR) of the Senate Finance Committee, who have been facilitating discussions and negotiations to address critical tax policy issues with a primary focus on advancing the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024).

The House Ways and Means Committee passed the bill 40-3, clearing the way for it to pass the full House with strong bipartisan support in a 357-70 vote. The fate of the bill in the Senate, however, remains uncertain, which has prompted discussions about what changes may be needed to secure passage.

In the meantime, as Congress looks ahead to a slate of expiring tax provisions in 2025, the House Ways and Means Committee has established working groups dedicated to examining specific tax policy areas including child tax credits, business tax provisions, and affordable housing to facilitate bipartisan collaboration and comprehensive analysis.

The National Trust will submit comments to relevant working groups in support of improvements to the federal historic tax credit and other policies that support historic preservation outcomes considered by the Committee.

Statement of the National Trust for Historic Preservation for the Committee on Ways and Means, U.S. House of Representatives, Hearing on “Expanding on the Success of the 2017 Trump Tax Cuts," April 12, 2024

Early efforts by the Ways & Means Committee to highlight the legislative work needed in 2025, underscore the complexities of and opportunities for advancing bipartisan tax legislation in a divided Congress. This dynamic is setting the stage for major tax policy discussions that are anticipated in the 119th Congress.