The Dependent Care Flexible Spending Account Expansion Act

Bill: 118-s-5412
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2024-12-03
Policy area: Taxation
Latest action: action_date: 2024-12-03
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5412 IN THE SENATE OF THE UNITED STATES December 3, 2024 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the amount excludable for dependent care assistance programs.

1. Short title This Act may be cited as the The Dependent Care Flexible Spending Account Expansion Act . 2. Increase in amount excludable for dependent care assistance programs (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 $7,500 ($3,750 . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.