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S 3233 114th Congress Senate Taxation Child care and development Employee benefits and pensions Income tax credits Income tax exclusion Inflation and prices

PACE Act

Introduced: July 14, 2016 Introduced by: King, Angus S., Jr. Independent · Maine See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 2016
Read twice and referred to the Committee on Finance.
Jul 14, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

Promoting Affordable Childcare for Everyone Act or the PACE Act

This bill amends the Internal Revenue Code, with respect to the tax credit for expenses for household and dependent care services necessary for gainful employment (known as the Child and Dependent Care Tax Credit), to: (1) make the credit refundable, (2) increase the rate for the credit, and (3) require the dollar amounts for such credit to be adjusted for inflation after 2016.

The bill also increases the amount of employer-provided dependent care assistance which may be excluded from the gross income of an employee and requires the increased exclusion amount to be adjusted for inflation after 2017.

What's happening now July 14, 2016

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1