Increased tax relief for child care for working families.
This new bill increases the amount employers can provide tax-free for dependent care assistance. This means working families can save more money on child care costs, as a larger portion of this assistance will be exempt from taxes. These changes will apply to amounts paid or incurred in calendar years starting after the bill becomes law.
Key points
Increases the tax-exempt amount for dependent care assistance from $5,000 to $10,500 annually.
Greater savings for families utilizing employer-provided dependent care assistance programs.
Changes will take effect for calendar years beginning after the Act's enactment date.
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