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Main Subject: Taxation

Child and Dependent Care Tax Credit Enhancement Act of 2024

This bill modifies the tax credit for employment-related expenses incurred for the care of a taxpayer's dependent to (1) increase to $400,000, the adjusted gross income threshold level above which the credit is incrementally reduced; (2) increase the dollar limits on the allowable amount of the credit; (3) specify rules for married couples filing separate returns; (4) allow an inflation adjustment to the adjusted gross income threshold and the maximum credit amounts, beginning after 2024; and (5) make the credit refundable for taxpayers who have a principal residence for more than half of the taxable year.

Senate Actions

IntroReferral
Jan. 24 2024	Read twice and referred to the Committee on Finance.

Library of Congress Actions

IntroReferral
Jan. 24 2024	Introduced in Senate

Senate bill S3657-118

Child and Dependent Care Tax Credit Enhancement Act of 2024

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