H.R. 7465 — Introduced in House

I 118th CONGRESS 2d Session H. R. 7465 IN THE HOUSE OF REPRESENTATIVES February 28, 2024Mrs. Bice (for herself, Ms. Sánchez, Mr. Feenstra, Ms. Houlahan, Mr. Moolenaar, and Mr. Torres of New York) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to index dependant care assistance programs to inflation. 1. Short title This Act may be cited as the Combating High Inflation Limiting Daycare Act of 2024 or the CHILD Act of 2024. 2. Increased maximum contribution to dependant care assistance programs (a) In general Section 129(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000 ($2,500 and inserting $10,000 ($5,000. (b) Cost-of-Living adjustment Section 129 of such Code is amended by adding at the end the following new subsection: (f) Inflation adjustment (1) In general Each dollar amount in this section shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. (2) Rounding If any increase under paragraph (1) is not a multiple of $50, such increase shall be rounded to the nearest multiple of $50. . (c) Removing deadwood Section 129(a)(2) of such Code is amended by striking subparagraph (D). (d) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2023.