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Majority Leader Schumer Floor Remarks In Support Of The Bipartisan, Bicameral Tax Framework That Would Expand The Child Tax Credit And The Low Income Housing Tax Credit

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor in support of Senate Finance Committee Chairman Ron Wyden and House Ways and Means Committee Chairman Jason Smith’s bipartisan and bicameral tax framework that would expand the Child Tax Credit, address the housing crisis, and help keep U.S. businesses competitive against the Chinese Communist Party. Below are Senator Schumer’s remarks, which can also be viewed here:

Yesterday, Senate Finance Chairman Wyden and House Ways and Means Chairman Smith announced a bipartisan, bicameral tax agreement with important wins for working families and for Main Street businesses.

I’m proud to support this bipartisan tax agreement because it will provide much-needed relief for low-income families and keep American businesses competitive against the Chinese Communist Party.

The Child Tax Credit alone will benefit as many as 16 million children in low-income households, and lift nearly half-a-million kids out of poverty – half-a-million kids out of poverty. That is a really significant achievement – a credit to Chairman Wyden and all the negotiators.

Most Democrats, myself certainly included, want to restore full refundability of the Child Tax Credit. This framework does go a good part of the way towards restoring full refundability. And the best part is that the biggest tax credits under this expanded CTC will go to low-income families, helping them afford basic necessities like groceries, diapers, baby formula, clothing, toiletries, and so much more.

And second, I’m really happy this framework expands the Low-Income Housing Tax Credit, or LIHTC. I made it clear to the negotiators from the beginning that any agreement must include provisions to support affordable housing, or I couldn’t support it.

I want to thank Senator Cantwell for all the work she did to make sure that strong affordable housing provisions were included in this framework. She's a very influential member of the Finance Committee, and she and I have worked on Low-Income Housing Tax Credit issues for a while.

Right now, housing is one of the biggest problems in our country, and states like mine particularly struggle with increasing the supply for affordable homes. The housing shortage affects everyone, everywhere – urban, suburban, rural.

Thankfully, this tax package will support the construction of up to 200,000 new affordable homes by bolstering LIHTC allocations and providing greater financing flexibility for affordable housing construction.

In an era of divided government, when you have a House Republican majority constantly trying to put housing funding on the chopping block, the LIHTC is the best tool available to increase the supply of affordable housing. So, I’m proud of the expansion we secured in the agreement.

Of course, like everything nowadays, moving forward with this agreement will take continued cooperation from both sides, in both chambers. I hope my Republican colleagues will work with us in good faith, because this could improve the lives of millions of working families and help Main Street businesses grow in today’s economy.