summary
Introduced
02/28/2017
02/28/2017
In Committee
02/28/2017
02/28/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Child and Dependent Care Tax Credit Enhancement Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax credit for employment-related expenses incurred for the care of a taxpayer's dependent, to: (1) increase to $120,000, the adjusted gross income threshold level above which such credit is incrementally reduced; (2) increase the dollar limit on the allowable amount of such credit; (3) allow an inflation adjustment to the adjusted gross income threshold and the maximum credit amounts, beginning after 2018; and (4) make such credit refundable.
AI Summary
This bill amends the Internal Revenue Code to enhance the Child and Dependent Care Tax Credit. The key provisions are:
1) It increases the adjusted gross income threshold level above which the credit is incrementally reduced, from $15,000 to $120,000.
2) It increases the dollar limit on the allowable amount of the credit, from $3,000 to $6,000 for one qualifying individual and from $6,000 to $12,000 for two or more qualifying individuals.
3) It provides for an annual inflation adjustment to the income threshold and maximum credit amounts starting in 2019.
4) It makes the credit fully refundable, meaning taxpayers can receive it even if they do not owe any federal income taxes.
The purpose of these changes is to make the credit more accessible and beneficial to middle-income families with child care expenses.
Committee Categories
Budget and Finance
Sponsors (11)
Bob Casey (D)*,
Sherrod Brown (D),
Ben Cardin (D),
Al Franken (D),
Kirsten Gillibrand (D),
Maggie Hassan (D),
Mazie Hirono (D),
Bob Menendez (D),
Patty Murray (D),
Debbie Stabenow (D),
Ron Wyden (D),
Last Action
Read twice and referred to the Committee on Finance. (on 02/28/2017)
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/470/all-info |
| BillText | https://www.congress.gov/115/bills/s470/BILLS-115s470is.pdf |
| Bill | https://www.congress.gov/115/bills/s470/BILLS-115s470is.pdf.pdf |
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