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Increased tax relief for child care assistance for working families.

This act increases the amount employees can exclude from taxation under dependent care assistance programs. This means families using such programs will be able to save more money on taxes, directly impacting their household budget.
Key points
The tax exclusion limit for dependent care assistance increases from $5,000 to $10,500 annually.
These changes will apply to calendar years beginning after the act's enactment date, leading to greater savings for working parents.
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Additional Information
Print number: 117_HR_2121
Sponsor: Rep. Axne, Cynthia [D-IA-3]
Process start date: 2021-03-23