A bill to amend the Internal Revenue Code of 1986 to make the dependent care credit refundable.

Summary

Amends the Internal Revenue Code to repeal the nonrefundable income tax credit for employment-related dependent care expenses and replace it with a refundable 50 percent income tax credit, reduced (but not below 20 percent) as the taxpayer's adjusted gross income exceeds $15,000 (adjusted for inflation). Limits the dollar amount of such credit to $3,000 ($6,000 if two or more qualifying individuals). Includes within the scope of the new credit up to $1,200 ($2,400 if two or more qualifying individuals) of respite care expenses incurred for the taxpayer's spouse and dependents who are physically or mentally incapable of self-care.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 January 2004

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 January 2004

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 January 2004

  Open at official source

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