To amend the Internal Revenue Code of 1986 to increase the amount allowed as a credit under the expenses for household and dependent care services credit and teh employer-provided child care credit.

Bill 119 HR 1426 aims to make changes to the Internal Revenue Code of 1986 in order to increase the amount that individuals can claim as a credit for expenses related to household and dependent care services, as well as the employer-provided child care credit. The bill seeks to provide more financial relief to individuals and families who incur costs for child care and dependent care services.

Specifically, the bill proposes to raise the maximum amount that can be claimed as a credit for household and dependent care services from $3,000 to $6,000 for one qualifying individual, and from $6,000 to $12,000 for two or more qualifying individuals. This increase in the credit amount would allow individuals to receive a larger tax benefit for the expenses they incur for child care and dependent care services.

Additionally, the bill aims to increase the employer-provided child care credit, which is a credit that employers can claim for providing child care services to their employees. The bill proposes to raise the maximum amount that can be claimed as a credit for employer-provided child care from $150,000 to $300,000. This increase in the credit amount would incentivize employers to provide child care services to their employees and help alleviate the financial burden of child care costs for working parents. Overall, Bill 119 HR 1426 seeks to provide more financial support to individuals and families who incur expenses for child care and dependent care services by increasing the amount allowed as a credit under the expenses for household and dependent care services credit and the employer-provided child care credit.