Family Care Savings Act

Bill: 114-hr-750
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2015-02-05
Policy area: Taxation
Subjects: Adult day care

Child care and development

Employee benefits and pensions

Income tax exclusion

Inflation and prices

Tax treatment of families
Latest action: action_date: 2015-02-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-02-05
action_desc: Introduced in House
text: <p><strong>Family Care Savings Act </strong></p> <p>This bill amends the Internal Revenue Code to increase the amount of the tax exclusion for employer-provided dependent care assistance to $10,000 in a taxable year and to provide for an inflation adjustment to such increased amount after 2015. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 750 IN THE HOUSE OF REPRESENTATIVES February 5, 2015 Mr. McHenry (for himself and Ms. Meng ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the amount excluded from gross income for employer-provided dependent care assistance.

1. Short title This Act may be cited as the Family Care Savings Act . 2. Increase in exclusion from gross income for employer-provided dependent care assistance (a) In general Section 129(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000 ($2,500 and inserting $10,000 (50 percent of such amount . (b) Inflation adjustment Section 129(a)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (D) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2015, the $10,000 amount contained in subparagraph (A) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2014 for calendar year 1992 in subparagraph (B) thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $50. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.