Child Care Investment Act of 2023

Hozzl · 2024-01-10T09:45:20Z

Explore the details of House Bill 4571 Child Care Investment Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/10/2024, 9:45 AM

Summary of Bill HR 4571

Bill 118 HR 4571, also known as the Child Care Investment Act of 2023, is a piece of legislation introduced in the US Congress with the aim of addressing the challenges faced by families in accessing affordable and high-quality child care services. The bill seeks to increase federal investment in child care programs and services to ensure that all families have access to safe, reliable, and affordable child care options.

One of the key provisions of the bill is the establishment of a grant program to provide funding to states and localities to expand access to child care services for low-income families. This funding would be used to support the creation of new child care facilities, improve the quality of existing child care programs, and increase the availability of child care subsidies for families in need.

Additionally, the Child Care Investment Act of 2023 includes measures to improve the training and compensation of child care providers, with the goal of attracting and retaining qualified professionals in the field. The bill also includes provisions to strengthen health and safety standards in child care facilities, ensuring that children are cared for in a safe and nurturing environment. Overall, the Child Care Investment Act of 2023 aims to address the growing need for affordable and high-quality child care services in the United States, with a focus on supporting low-income families and improving the overall quality of care provided to children.

Congressional Summary of HR 4571

Child Care Investment Act of 2023

This bill increases the employer-provided child care tax credit, the amount excludable from gross income for dependent care flexible spending accounts, and makes the household and dependent care tax credit refundable.

Among other provisions, the bill increases the rate of the employer-provided child care tax credit from 25% to 50% and increases the maximum credit amount from $150,000 to $500,000. It also increases (1) the pre-tax deduction for dependent care flexible spending accounts from $5,000 to $10,000, plus an additional $2,000 for each eligible dependent; and (2) the rate of the household and dependent care tax credit and makes such credit refundable.

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Current Status of Bill HR 4571

Bill HR 4571 is currently in the status of Bill Introduced since July 12, 2023. Bill HR 4571 was introduced during Congress 118 and was introduced to the House on July 12, 2023. Bill HR 4571's most recent activity was Referred to the House Committee on Ways and Means. as of July 12, 2023