Middle Class Dependent Care Fairness Act of 2016

Bill: 114-hr-6146
Sponsor: full_name: Rep. Israel, Steve [D-NY-3]
Introduced: 2016-09-22
Policy area: Taxation
Latest action: action_date: 2016-09-22
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-09-22
action_desc: Introduced in House
text: <p><b>Middle Class Dependent Care Fairness Act of 2016</b></p> <p>This bill amends the Internal Revenue Code to eliminate the mandatory reduction in the rate of the tax credit for household and dependent care services for taxpayers whose adjusted gross incomes exceed $15,000. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 6146 IN THE HOUSE OF REPRESENTATIVES September 22, 2016 Mr. Israel 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 improve the dependent care credit by repealing the phasedown of the credit percentage.

1. Short title This Act may be cited as the Middle Class Dependent Care Fairness Act of 2016 . 2. Dependent care credit improvements (a) Repeal of phasedown of credit percentage Subsection (a) of section 21 of the Internal Revenue Code of 1986 is amended to read as follows: (a) Allowance of credit In the case of an individual for which there are 1 or more qualifying individuals (as defined in subsection (b)(1)) with respect to such individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 35 percent of the employment-related expenses (as defined in subsection (b)(2)) paid by such individual during the taxable year. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.