A bill to amend the Internal Revenue Code of 1986 to increase the credit for employers establishing workplace child care facilities, to increase the child care credit to encourage greater use of quality child care services, to provide incentives for students to earn child care-related degrees and to work in child care facilities, and to increase the exclusion for employer-provided dependent care assistance.
Right Start Child Care and Education Act of 2024
This bill increases or allows new child care tax credits and increases the tax exclusion for employer-provided dependent care assistance.
Specifically, the bill doubles the rate and the maximum allowable amount of the employer-provided child care credit. It also allows an additional increase for certain small businesses.
The bill allows a new three-year tax credit for individuals who hold child care-related educational degrees and who work in licensed child care facilities.
The bill increases the tax exclusion for employer-provided dependent care assistance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Small Business and Entrepreneurship. Hearings held.
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