Tax Relief for American Families and Workers Act of 2024

The Tax Relief for American Families and Workers Act of 2024 increases the refundable Child Tax Credit to $1,900 for 2024 and $2,000 for 2025, with automatic annual inflation adjustments starting in 2024. It extends key business tax provisions including 100% bonus depreciation through 2026, increases limits on expensing depreciable business assets, and extends business interest deduction rules through 2026. The bill also provides tax relief for wildfire victims by excluding certain compensation from gross income and authorizes negotiation of a formal tax agreement with Taiwan to address double taxation concerns. These provisions directly affect families with children, businesses making capital investments, and individuals impacted by specific disasters.