Bipartisan Tax Package Fails to Advance in Senate
by Stephanie Buka, Government Affairs Coordinator Aug 27, 2024

On August 1, 2024, a bipartisan tax package, the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), failed to advance in the Senate by a vote of 48 to 44, effectively halting progress on the bill. The legislation would have required 60 votes to advance. In late January 2024, the $79 billion tax package passed the House by a 357 to 70 vote, as detailed in this Alliance article.  

Crafted by House Ways and Means Chair Jason Smith (R-MO) and Senate Finance Chair Ron Wyden (D-OR), the bill would have restored full, immediate deductions that businesses can take for the purchase of new equipment and machinery and for domestic research and development expenses. The bill would also have expanded the Child Tax Credit, lifting half a million children out of poverty, according to the Center on Budget and Policy Priorities. 

Some Democrats opposed the business tax provisions of the bill, and several Republican Senators were opposed to the child tax credit enhancements and argued they would be able to strike a better deal next year. But three Republicans, Senators Josh Hawley (MO), Markwayne Mullin (OK) and Rick Scott (FL) joined with Democrats in support of the bill. Senators Joe Manchin (WV) and Bernie Sanders (VT), independents who caucus with Democrats, were opposed. 

PRINTING United Alliance and its coalition partners strongly supported the pro-growth legislation. The failure to move forward with the bill is a setback for addressing the 2017 Tax Cuts and Jobs Act (TCJA) provisions which are set to expire at the end of 2025. The TCJA enacted preferable tax treatment for printing companies, including those organized as pass-through entities.  

Looking ahead, there is potential for elements of the bill to be considered individually during the "lame duck" session of Congress after the November election. In the meantime, advocacy efforts will continue to push for the inclusion of these critical business-favorable provisions in any forthcoming legislative opportunities. 

In this article, Stephanie Buka, Government Affairs Coordinator, PRINTING United Alliance, addresses the Tax Relief for American Families and Workers Act of 2024. More information can be found at Business Excellence-Legislation or reach out to Steph should you have additional questions specific to how these issues may affect your business: sbuka@printing.org.  
 
To become a member of the Alliance and learn more about how our subject matter experts can assist your company with services and resources such as those mentioned in this article, please contact the Alliance membership team: 888-385-3588 / membership@printing.org. 

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Stephanie Buka Government Affairs Coordinator
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Stephanie Buka is the Government Affairs Coordinator for PRINTING United Alliance. In this role, she supports Ford Bowers, CEO, the Government Affairs team, and coordinates efforts with lobbying firm, ACG Advocacy. She manages all aspects of grassroots advocacy campaigns, including facilitating timely call-to-action alerts and updates to The Advocacy Center on key federal and state legislative issues. As a member of the Office of Corporate Communications, Buka manages the content and audience building responsibilities for the Government Affairs team. She is also responsible for the administration of the Alliance's political action committee, PrintPAC.

Prior to joining the Alliance, Buka served as a senior legislative researcher, and later as a constituent services coordinator, for the 15-member legislative body representing 1.3 million residents of Allegheny County, Commonwealth of Pennsylvania. In addition to drafting legislation and addressing constituent concerns, Buka cultivated strong relationships with appointed and elected officials at the local, state, and federal levels of government.

Buka holds a master’s degree in Public Policy and Management from the University of Pittsburgh, Graduate School of Public and International Affairs (GSPIA). She also earned a master's degree in Criminology from Indiana University of Pennsylvania, along with a Certificate in Forensic Science and Law from Duquesne University.

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