The Dependent Care Flexible Spending Account Expansion Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5412 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5412 To amend the Internal Revenue Code of 1986 to increase the amount excludable for dependent care assistance programs. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 3, 2024 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase the amount excludable for dependent care assistance programs. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``The Dependent Care Flexible Spending Account Expansion Act''. SEC. 2. INCREASE IN AMOUNT EXCLUDABLE FOR DEPENDENT 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 ``$7,500 ($3,750''. (b) Effective Date.--The amendment m…