summary
Introduced
03/12/2019
03/12/2019
In Committee
03/12/2019
03/12/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Angus King (I)*,
Richard Burr (R),
Susan Collins (R),
Martha McSally (R),
Jacky Rosen (D),
Kyrsten Sinema (I),
Last Action
Read twice and referred to the Committee on Finance. (on 03/12/2019)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/749/all-info |
BillText | https://www.congress.gov/116/bills/s749/BILLS-116s749is.pdf |
Bill | https://www.congress.gov/116/bills/s749/BILLS-116s749is.pdf.pdf |
Loading...