S.749 - PACE Act116th Congress (2019-2020) |
|Sponsor:||Sen. King, Angus S., Jr. [I-ME] (Introduced 03/12/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/12/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.749 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/12/2019)
Promoting Affordable Childcare for Everyone Act or the PACE Act
This bill modifies the tax credit for expenses for household and dependent care services necessary for gainful employment (known as the Child and Dependent Care Tax Credit) to (1) make the credit refundable, (2) increase the rate for the credit, and (3) require the dollar amounts for such credit to be adjusted for inflation after 2019.
The bill also increases the amount of employer-provided dependent care assistance which may be excluded from the gross income of an employee and requires the increased exclusion amount to be adjusted for inflation after 2020.