Childcare Support: New Tax Credits and Refunds
This act introduces new tax benefits for parents and caregivers, and supports individuals opening childcare facilities. The goal is to reduce childcare costs and improve access to care services, potentially improving family finances and enabling parents to return to work.
Key points
New tax credit up to $10,000 for individuals starting childcare facilities, covering 30% of startup expenses.
Increased and refundable credit for household and dependent care expenses, meaning even those with insufficient income can receive a refund.
Maximum eligible expenses for the childcare credit increase to $7,500 for one qualifying individual and $15,000 for two or more.
Annual inflation adjustment for credit amounts to maintain their value over time.
Status:
Introduced
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