A bipartisan group of Congress members announced in January 2024 that they had reached an agreement on a tax bill. The following day, they introduced H.R.7024, the Tax Relief for American Families and Workers Act (TRAFWA) of 2024. The House of Representatives passed the bill on January 31. It now awaits action in the Senate. Several sections of the bill would modify certain business tax credits and deductions. This article discusses the changes TRAFWA would make that could affect businesses and their tax bills.