Summary: S.1975 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for S.1975. Bill summaries are authored by CRS.

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Introduced in Senate (01/30/2014)

Amends the Internal Revenue Code to allow taxpayers who do not otherwise itemize their tax deductions a deduction from gross income (above-the-line deduction) for their employment-related expenses incurred in caring for a child under the age of 13 or a child who is physicaly or mentaly incapable of self care (qualifying child). Limits the dollar amount of such deduction in a taxable year to $7,000 for taxpayers with one qualifying child or $14,000 for taxpayers with two or more qualifying children. Allows an annual inflation adjustment to such amounts for taxable years beginning after 2014.