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Child Care for American Families Act

USA118th CongressS-5254| Senate 
| Updated: 9/25/2024
Michael F. Bennet

Michael F. Bennet

Democratic Senator

Colorado

Cosponsors (1)
Marsha Blackburn (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Child Care for American Families Act This bill increases and revises the employer-provided child care tax credit. It increases the rate of such credit from 25% to 40% (50% for certain small businesses and 60% for child care facilities located in an eligible census track). The bill increases the limitation on the dollar amount of the credit to $1.2 million in any taxable year and imposes a $2 million limit on the aggregate amount of child care expenditures that may be taken into account for purposes of calculating the credit. The bill directs the Internal Revenue Service to issue guidance regarding multi-employer facilities and to establish a public awareness program to inform taxpayers about the availability of the child care credit and filing procedures for such credit.
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Timeline
May 23, 2024

Latest Companion Bill Action

HR 118-8540
Introduced in House
Sep 25, 2024
Introduced in Senate
Sep 25, 2024
Read twice and referred to the Committee on Finance.
  • May 23, 2024

    Latest Companion Bill Action

    HR 118-8540
    Introduced in House


  • September 25, 2024
    Introduced in Senate


  • September 25, 2024
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 118-8540: Child Care for American Families Act

Child Care for American Families Act

USA118th CongressS-5254| Senate 
| Updated: 9/25/2024
Child Care for American Families Act This bill increases and revises the employer-provided child care tax credit. It increases the rate of such credit from 25% to 40% (50% for certain small businesses and 60% for child care facilities located in an eligible census track). The bill increases the limitation on the dollar amount of the credit to $1.2 million in any taxable year and imposes a $2 million limit on the aggregate amount of child care expenditures that may be taken into account for purposes of calculating the credit. The bill directs the Internal Revenue Service to issue guidance regarding multi-employer facilities and to establish a public awareness program to inform taxpayers about the availability of the child care credit and filing procedures for such credit.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 23, 2024

Latest Companion Bill Action

HR 118-8540
Introduced in House
Sep 25, 2024
Introduced in Senate
Sep 25, 2024
Read twice and referred to the Committee on Finance.
  • May 23, 2024

    Latest Companion Bill Action

    HR 118-8540
    Introduced in House


  • September 25, 2024
    Introduced in Senate


  • September 25, 2024
    Read twice and referred to the Committee on Finance.
Michael F. Bennet

Michael F. Bennet

Democratic Senator

Colorado

Cosponsors (1)
Marsha Blackburn (Republican)

Finance Committee

Taxation

Related Bills

  • HR 118-8540: Child Care for American Families Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted