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Expanded Tax Credits for Child and Dependent Care

This act aims to increase financial support for families and employers regarding child and dependent care. Changes include expanding tax credits for companies offering care services and increasing the amounts individuals can deduct for care expenses, potentially lowering their financial burden.
Key points
Businesses can deduct more costs related to providing child care for their employees, potentially encouraging more such facilities.
The amount individuals can exclude from taxable income for dependent care assistance programs is increased.
A new, refundable tax credit for household and dependent care expenses is introduced, meaning even low-income individuals could receive money back.
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Additional Information
Child Care Investment Act of 2023
Print number: HR 4571
Sponsor: Rep. Carbajal, Salud O. [D-CA-24]
Process start date: 2023-07-12