S.1359 - A bill to amend the Internal Revenue Code of 1954 to increase the amount of the credit for household and dependent care services, and for other purposes.98th Congress (1983-1984)
|Sponsor:||Sen. Metzenbaum, Howard M. [D-OH] (Introduced 05/25/1983)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/01/1983 Committee on Finance requested executive comment from OMB, Treasury Department. (All Actions)|
This bill has the status Introduced
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Summary: S.1359 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in Senate (05/25/1983)
Amends the Internal Revenue Code to increase the amount of the income tax credit for household and dependent care services from a maximum of 30 percent to a maximum of 50 percent of such expenses. Reduces such percentage by one percent for each full $1,000 by which the taxpayer's adjusted gross income exceeds $10,000. Makes such credit refundable. Allows such credit to be claimed on the short tax return form.
Grants tax-exempt status to organizations which provide nonresidential dependent care services to the general public for purposes of enabling individuals to maintain employment.