PACE Act
- Last Action
- 1/24/2017
Actions
- 2017-01-24Read twice and referred to the Committee on Finance.
- 2017-01-24Introduced in Senate
CRS Summary
As of 2017-01-24 (00)
Promoting Affordable Childcare for Everyone Act or the PACE 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.
Cosponsors (3)
- Richard Burr (R-NC)
- Dean Heller (R-NV)
- Susan Collins (R-ME)
Subjects
- Child care and development
- Employee benefits and pensions
- Income tax credits
- Income tax exclusion
- Inflation and prices
Sourced from Congress.gov (public domain).
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