Summary: H.R.3506 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.3506. Bill summaries are authored by CRS.

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Introduced in House (10/03/1991)

Repeals the Internal Revenue Code's nonrefundable income tax credit for employment-related dependent care expenses, replacing it with a corresponding refundable 50 percent credit, reduced (but not below 20 percent) as the taxpayer's adjusted gross income exceeds $15,000 (adjusted for inflation). Includes within the scope of the new credit up to $1,200 ($2,400 in the case of more than one qualifying individual) of respite care expenses incurred in the care of: (1) a dependent of the taxpayer who is at least 13 years old; or (2) a spouse or other dependent who is physically or mentally incapable of self-care.