Summary: H.R.2527 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.2527. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/15/1985)

Amends the Internal Revenue Code to allow a refundable income tax credit for: (1) employment related dependent care expenses, plus (2) expenses for the respite care of a dependent. Sets the amount of such credit at 50 percent of the sum of such expenses. Reduces such percentage (but not below 20 percent) by one percent for each full $1,000 amount by which the taxpayer's adjusted gross income exceeds $11,000. Provides for cost-of-living adjustments to such adjusted gross income amount. Limits the amount of employment-related expenses and respite care expenses which may be taken into account for purposes of such credit.

Allows such credit for expenses incurred for the care of: (1) a dependent of the taxpayer who is under the age of 15; (2) a dependent of the taxpayer who is physically or mentally incapable of caring for himself; or (3) a spouse who is incapable of caring for himself.

Repeals present provisions relating to the income tax credit for dependent care expenses necessary for gainful employment.