US House Approved Tax Relief Programs Expected To Encourage Job Creation And Economic Growth In Illinois

As the US House approved tax relief programs, many families and businesses are hopefully getting help.

Aside from the other mentioned help these tax relief programs are designed for, affordable housing is also a goal these programs aim for. (Photo: New freedom Tax Relief LLC)

Approved Tax Relief Programs

The Tax Relief for American Families and Workers Act and other tax relief programs are recently passed by the House. The tax relief programs also aim to support working families and small businesses in Illinois.

These tax relief programs are also building on previous tax reform. The approved tax relief programs also include provisions to strengthen affordable housing.

An increase in the supply of low-income housing is also included in these approved tax relief programs. Improvement of the child tax credit for rural communities and low-income families is also under the tax relief programs approved by the House.

According to a published article by SmartNews, the said tax relief programs also encourage job creation. Even economic growth in Illinois is targeted through these tax relief programs.

Tax Incentives Offered By The Mexican Government

In a published article by Newland Chase, the Mexican Government issued a decree to promote investments through nearshoring by offering tax incentives.

Companies relocating to Mexico can receive accelerated deductions of investments up to 89% in 2023 and 2024. The decree applies to ten key sectors of the economy, including industries like nutrition, pharmaceuticals, electronics, automotive, and medical devices.

Taxpayers engaged in these activities can also claim an additional 25% of their training expenses for employees during 2023-2025.

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