HR 7360 118th Congress House Taxation

PACE Act

Introduced: April 29, 2024 Introduced by: Tenney, Claudia Republican · New York See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 14, 2024

Referred to the House Committee on Ways and Means.

Feb 14, 2024

Introduced in House

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Plain-English summary Congressional Research Service

Promoting Affordable Childcare for Everyone Act or the PACE Act

This bill modifies 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.

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.

What's happening now February 14, 2024

Referred to the House Committee on Ways and Means.

Bill text 1 version