PACE Act

Hozzl · 2024-03-08T14:30:51Z

Explore the details of House Bill 7360 PACE Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/8/2024, 2:30 PM

Congressional Summary of HR 7360

Promoting Affordable Childcare for Everyone Act or the PACE Act

This bill modifies 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.

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.

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Current Status of Bill HR 7360

Bill HR 7360 is currently in the status of Bill Introduced since February 14, 2024. Bill HR 7360 was introduced during Congress 118 and was introduced to the House on February 14, 2024. Bill HR 7360's most recent activity was Referred to the House Committee on Ways and Means. as of February 14, 2024

Bipartisan Support of Bill HR 7360

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7360

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7360

PACE Act

Promoting Affordable Childcare for Everyone Act

PACE Act

To amend the Internal Revenue Code of 1986 to increase and make fully refundable the Child and Dependent Care Tax Credit, to increase the maximum amount excludable from gross income for employer-provided dependent care assistance, and for other purposes.