summary
Introduced
01/24/2017
01/24/2017
In Committee
01/24/2017
01/24/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
PACE Act Promoting Affordable Childcare for Everyone Act This bill amends the Internal Revenue Code, with respect to 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 2017. 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 2018.
AI Summary
This bill, the Promoting Affordable Childcare for Everyone (PACE) Act, amends the Internal Revenue Code to make the Child and Dependent Care Tax Credit fully refundable, increase the credit rate, and require the credit amounts to be adjusted for inflation after 2017. The bill 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 2018. These changes aim to enhance the tax benefits for childcare expenses and make them more accessible to working families.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 01/24/2017)
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/115th-congress/senate-bill/208/all-info |
| BillText | https://www.congress.gov/115/bills/s208/BILLS-115s208is.pdf |
| Bill | https://www.congress.gov/115/bills/s208/BILLS-115s208is.pdf.pdf |
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