The H.R. 413 bill proposes changes to the Internal Revenue Code of 1986 to address the impact of inflation on dependent care assistance programs. Specifically, it aims to increase the maximum contribution limit from $5,000 to $10,000 for these programs. Additionally, the bill...
Simple Explanation
The bill H.R. 413 wants to change the rules so that families can save more money, up to $10,000 a year, to help pay for things like babysitters or daycare, and make sure this amount goes up a bit every year to keep up with rising prices. This would start happening in 2025, and it could mean the government gets a bit less money in taxes because people are saving more in these special accounts.