Child Care for American Families Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Sep 25, 2024)
Child Care for American Families Act
This bill increases and revises the employer-provided child care tax credit. It increases the rate of such credit from 25% to 40% (50% for certain small businesses and 60% for child care facilities located in an eligible census track).
The bill increases the limitation on the dollar amount of the credit to $1.2 million in any taxable year and imposes a $2 million limit on the aggregate amount of child care expenditures that may be taken into account for purposes of calculating the credit.
The bill directs the Internal Revenue Service to issue guidance regarding multi-employer facilities and to establish a public awareness program to inform taxpayers about the availability of the child care credit and filing procedures for such credit.
What just happenedSep 25, 2024
Read twice and referred to the Committee on Finance.
Who’s behind it
- Introduced in SenateSep 25, 2024
- Sep 25, 2024IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - Sep 25, 2024IntroReferral10000
Introduced in Senate