H.R. 7407, also known as the “Small Business Dependent Care FSA Opportunity Act,” aims to amend the Internal Revenue Code to offer a tax credit to small employers. This credit is intended to cover the startup costs associated with creating dependent care flexible spending plans for their...
Simple Explanation
H.R. 7407 wants to help small businesses by giving them money back if they start new programs where employees can save money to help pay for taking care of their children. The rules are a bit tricky and have some limits and conditions on who can get the money and how much.