[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 782 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 782

   To amend the Internal Revenue Code of 1986 to increase the amount 
    excluded from gross income for employer-provided dependent care 
                              assistance.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 1, 2017

 Mr. McHenry (for himself and Ms. Meng) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to increase the amount 
    excluded from gross income for employer-provided dependent care 
                              assistance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Care Savings Act''.

SEC. 2. INCREASE IN EXCLUSION FROM GROSS INCOME FOR EMPLOYER-PROVIDED 
              DEPENDENT CARE ASSISTANCE.

    (a) In General.--Section 129(a)(2)(A) of the Internal Revenue Code 
of 1986 is amended by striking ``$5,000 ($2,500'' and inserting 
``$10,000 (50 percent of such amount''.
    (b) Inflation Adjustment.--Section 129(a)(2) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following:
                    ``(D) Inflation adjustment.--In the case of any 
                taxable year beginning in a calendar year after 2017, 
                the $10,000 amount contained in subparagraph (A) shall 
                be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2015' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2016.
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