Summary: S.1359 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for S.1359. Bill summaries are authored by CRS.

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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.