S 3657
Child and Dependent Care Tax Credit Enhancement Act of 2024
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- Passed Senate
- Passed House
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Bill overview
This bill, the Child and Dependent Care Tax Credit Enhancement Act of 2024, increases the Child and Dependent Care Tax Credit to help families pay for childcare expenses. It raises the income threshold above which the credit is reduced from $400,000 to $125,000, increases the maximum credit amount from $3,000 to $8,000, and $6,000 to $16,000 respectively. The bill also makes the credit fully refundable for taxpayers who have a principal residence in the U.S. for more than half the year, and includes a provision to adjust the income threshold and credit amounts for inflation beginning in 2024.
Sponsors
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Primary sponsor
Robert P., Jr. Casey
Cosponsors
Angus S., Jr. King
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