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Tax Credit for Student Parents' Child and Dependent Care

This act amends tax laws to allow student parents to claim a tax credit for household and dependent care expenses. This means that parents pursuing higher education, even part-time, can deduct childcare costs, potentially reducing their financial burden.
Key points
Student parents can now claim a tax credit for child and dependent care expenses, previously mainly available to those gainfully employed.
The credit applies to students carrying at least half the normal full-time workload, broadening eligibility.
These changes are effective for tax years beginning after December 31, 2022, impacting tax filings for 2023 and beyond.
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Additional Information
Print number: 117_HR_9076
Sponsor: Rep. Schrier, Kim [D-WA-8]
Process start date: 2022-09-29