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Bill > S749


US S749

PACE Act Promoting Affordable Childcare for Everyone Act


summary

Introduced
03/12/2019
In Committee
03/12/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A bill to amend the Internal Revenue Code of 1986 to increase and make fully refundable the Child and Dependent Care Tax Credit, to increase the maximum amount excludable from gross income for employer-provided dependent care assistance, and for other purposes. This bill modifies the tax credit for expenses for household and dependent care services necessary for gainful employment (known as the Child and Dependent Care Tax Credit) to (1) make the credit refundable, (2) increase the rate for the credit, and (3) require the dollar amounts for such credit to be adjusted for inflation after 2019. The bill also increases the amount of employer-provided dependent care assistance which may be excluded from the gross income of an employee and requires the increased exclusion amount to be adjusted for inflation after 2020.

AI Summary

This bill, the Promoting Affordable Childcare for Everyone (PACE) Act, modifies the Child and Dependent Care Tax Credit to make it fully refundable, increase the credit rate, and require the credit amounts to be adjusted for inflation after 2019. It also increases the amount of employer-provided dependent care assistance that can be excluded from an employee's gross income and requires that increased exclusion amount to be adjusted for inflation after 2020. These changes aim to make childcare more affordable for working families.

Committee Categories

Budget and Finance

Sponsors (6)

Last Action

Read twice and referred to the Committee on Finance. (on 03/12/2019)

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