Bill > HR7252

This bill, the Child and Dependent Care Tax Credit Enhancement Act of 2024, aims to amend the Internal Revenue Code to enhance the Child and Dependent Care Tax Credit and make it fully refundable for certain taxpayers. The key provisions include: (1) increasing the applicable percentage for the credit, with a phaseout for higher-income taxpayers; (2) raising the dollar limits on the amount of expenses that can be credited; (3) providing special rules for married couples filing separately; (4) adjusting the income thresholds for inflation; and (5) making the credit fully refundable for taxpayers with a principal place of abode in the United States for more than half the taxable year. These changes are intended to make the tax credit more generous and accessible to families with child or dependent care expenses.