Child Care Availability and Affordability Act

Bill 119 s 847, also known as the "Child Care Tax Credit Expansion Act," aims to make changes to the Internal Revenue Code of 1986 in order to increase the benefits available to working parents for child care expenses. The bill proposes to expand both the employer-provided child care credit and the dependent care assistance exclusion.

The employer-provided child care credit currently allows employers to receive a tax credit for providing child care services to their employees. This bill seeks to increase the maximum credit amount that employers can claim, making it more financially feasible for businesses to offer child care benefits to their employees.

Additionally, the bill aims to expand the dependent care assistance exclusion, which allows employees to exclude a certain amount of employer-provided child care assistance from their taxable income. This would provide working parents with additional financial relief when it comes to covering the costs of child care. Overall, Bill 119 s 847 is focused on providing support to working parents by increasing the tax benefits available for child care expenses. By expanding both the employer-provided child care credit and the dependent care assistance exclusion, the bill aims to make child care more affordable and accessible for American families.