Dependent Care Amendments Act of 1981

Dependent Care Amendments Act of 1981 - Amends the Internal Revenue Code to increase the rate of the income tax credit for household and dependent care expenses, based upon family income. Makes such credit refundable. Increases the amount of allowable dependent care expenses eligible for the credit.

Permits the dependent care credit for the care of dependents over the age of 14 or handicapped dependents outside of the home, if such dependents return to the taxpayer's household each day.

Imputes a minimum level of earned income to individuals engaged in business on a substantially full-time basis (35 hours a week) for purposes of insuring eligibility for the household and dependent care credit in cases where the taxpayer has little or no income for the taxable year.

Grants tax-exempt status to organizations providing dependent care services to the general public.

Allows an employee to claim a dependent care credit for the value of employer-provided dependent care services if the value of such services are included in the gross income of the employee.