Dependent Care Amendments Act of 1981

Summary

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 under the age of 15 in day care centers and for the care of handicapped dependents outside the home who 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. Excludes from the gross income of the employee the value of any household and dependent care services furnished by the employer. Allows the employer an income tax credit for expenses paid or incurred for household and dependent care services. Provides for amortization of certain expenditures made for child care facilities.

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1 official file

• Introduced in Senate

  summary · EN · 14 July 1981

  Open at official source

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