Bill > S05408

This bill amends the tax law to increase the child and dependent care tax credit. Specifically, it increases the dollar limit on the amount of the credit that can be claimed, raising the limit to $7,500 for three qualifying individuals, $8,500 for four qualifying individuals, and $9,000 for five or more qualifying individuals for tax years beginning in 2020. For tax years beginning in 2021, the limits are increased further to $6,000 for one qualifying individual, $12,000 for two, $15,000 for three, $17,000 for four, and $18,000 for five or more. This change aims to provide greater tax relief for families with child or dependent care expenses.