Child Care Assistance Act

[AI summary unavailable — showing source text] Child Care Assistance Act - Title I: Amendments to the Internal Revenue Code of 1986 - Subtitle A: Young Child Tax Credit - Amends the Internal Revenue Code to establish a new refundable tax credit, the Young Child Tax Credit. Allows families with incomes not exceeding $10,000 the credit of 12 percent of their earned income for one of their children under age five, plus six percent for each of up to two additional children under age five. Sets the maximum credit at $1,000 per year for one qualifying child, $1,500 for two, and $2,000 for three or more. Phases out the credit by reducing it by ten percent of so much of the adjusted gross income (or, if greater, the earned income) as exceeds $10,000. Allows advance payments of the credit. Subtitle B: Incentives for Employer Provided Child Care - Establishes a new business-related tax credit, the Dependent Care Assistance Program Credit. Allows the credit to employers for ten percent of their expenditures for payment or provision of services under a qualified dependent care assistance program for their employees. Directs the Secretary of Labor to: (1) study barriers to employers providing child care services for their employees; and (2)…