summary
Introduced
04/28/2017
04/28/2017
In Committee
04/28/2017
04/28/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Child and Dependent Care Tax Credit Improvement 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 $126,000, 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 of the bill are:
1. It increases the adjusted gross income threshold level above which the credit is gradually reduced from $15,000 to $126,000.
2. It increases the maximum credit amount from $3,000 to $8,000 for one qualifying individual, and from $6,000 to $16,000 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, so taxpayers can receive the full amount of the credit even if they do not owe any federal income tax.
The bill aims to expand access to the credit and provide greater financial assistance for families with child and dependent care expenses, which can be a significant burden for many working parents.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 04/28/2017)
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/house-bill/2238/all-info |
| BillText | https://www.congress.gov/115/bills/hr2238/BILLS-115hr2238ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2238/BILLS-115hr2238ih.pdf.pdf |
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