Bill > S1419

This bill aims to strengthen working families by increasing tax exemptions and dependent care tax credits, which are deductions that can reduce a taxpayer's taxable income. Specifically, it proposes to increase the maximum amount of a tax credit for dependent care expenses, which helps offset the cost of caring for children or other qualifying individuals while a taxpayer works, to $7,400 for one qualifying individual and $12,300 for two or more, starting in tax years beginning on or after January 1, 2013. Additionally, the bill introduces a new deduction for dependents, allowing single filers with adjusted gross income (AGI) up to $45,000 and joint filers with AGI up to $75,000 to claim a deduction of $4,300 for one dependent or $8,600 for two or more dependents.