Top tax writers in Congress announced a deal Tuesday morning to beef up the child tax credit (CTC) and reinstate business deductions that were taken away to pay for the reduction of the corporate tax rate in the 2017 Tax Cuts and Jobs Act. The CTC expansion would increase the maximum credit per child to $2,000 from $1,600 through 2025 while restoring business deductions for research and development costs, interest payments and capital investments. The deal also has provisions on increasing the low-income housing tax credit and a carve-out for Taiwanese companies following an effort by the U.S. to re-shore segments of the high-end semiconductor industry, much of which is based there.
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