Tax Credit for Small Businesses Starting Dependent Care Flexible Spending Plans (FSA).
This bill introduces a new tax credit for eligible small employers to cover the startup costs of Dependent Care Flexible Spending Arrangement (FSA) plans. The credit applies to expenses incurred for the establishment, administration of the plan, and employee education regarding the plan. The credit is available for the first credit year and the two immediately following taxable years.
Key points
New Tax Credit for Small Employers: Eligible employers can receive a credit equal to the qualified startup costs of Dependent Care FSA plans.
Three-Year Support: The credit is available for the first credit year and the two taxable years immediately following.
Credit Limitation: The annual credit shall not exceed the greater of $500, or the lesser of $250 per eligible non-highly compensated employee or $5,000.
Qualified Costs: Qualified startup costs include expenses for the establishment or administration of the plan, or education of employees with respect to such plan.
Status:
Expired
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