H.R.1696: PACE Act
The Promoting Affordable Childcare for Everyone Act (H.R. 1696) would modify the Child and Dependent Care Tax Credit to make the credit refundable, increase the rate for the credit by creating a new top rate of 50 percent that phases down to 35 percent for higher-income families, and require the dollar amounts of the credit to be adjusted for inflation after 2019. The bill also would increase the gross income exclusion amount from $5,000 to $7,500 for Flexible Spending Accounts.
S. 749 is the Senate companion bill introduced by Sen. Angus King