118 HR 8635 IH: Affordable Child Care Act U.S. House of Representatives 2024-06-05 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 8635IN THE HOUSE OF REPRESENTATIVESJune 5, 2024Mr. Molinaro (for himself and Ms. Davids of Kansas) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to double the value of certain tax benefits relating to children and dependents.

1.

Short title

This Act may be cited as the Affordable Child Care Act.

2.

Child and dependent care credit doubled

(a)

In general

Section 21(c) of the Internal Revenue Code of 1986 is amended— (1)in paragraph (1), by striking $3,000 and inserting $6,000, and (2)in paragraph (2), by striking $6,000 and inserting $12,000. (b)

Conforming amendment

Section 21 of such Code is amended by striking subsection (g) and redesignating subsection (h) as subsection (g). (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2023.

3.

Dependent care assistance program limit doubled

(a)

In general

Section 129(a)(2) of the Internal Revenue Code of 1986 is amended— (1)in subparagraph (A), by striking $5,000 ($2,500 and inserting $10,000 (half such dollar amount), and (2)by striking subparagraph (D). (b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2023.

4.

Employer-provided childcare credit doubled

(a)

In general

Section 45F(b) of the Internal Revenue Code of 1986 is amended by striking $150,000 and inserting $300,000. (b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2023.