summary
Introduced
03/28/2019
03/28/2019
In Committee
03/28/2019
03/28/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to increase the exclusion for employer-provided dependent care assistance including the limitation on dependent care flexible spending arrangements. This bill increases the amount that employees may exclude from their gross income for employer-provided dependent care assistance. The bill increases the existing $5,000 limit by requiring annual adjustments that account for inflation.
AI Summary
This bill, the Family Savings for Kids and Seniors Act, amends the Internal Revenue Code to increase the amount that employees may exclude from their gross income for employer-provided dependent care assistance. Specifically, the bill raises the existing $5,000 limit and requires annual adjustments to account for inflation. Additionally, the bill makes a conforming amendment to the $2,500 limit for married individuals filing separately, increasing it to half of the new, inflated limit. These changes are effective for taxable years beginning after December 31, 2019.
Committee Categories
Budget and Finance
Sponsors (8)
Katie Porter (D)*,
Tom Cole (R),
Angie Craig (D),
Peter DeFazio (D),
Veronica Escobar (D),
Jaime Herrera Beutler (R),
Alan Lowenthal (D),
Jamie Raskin (D),
Last Action
Referred to the House Committee on Ways and Means. (on 03/28/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/1985/all-info |
| BillText | https://www.congress.gov/116/bills/hr1985/BILLS-116hr1985ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr1985/BILLS-116hr1985ih.pdf.pdf |
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