PACE Act

This bill changes tax rules for childcare costs. It increases the tax credit people can get for childcare expenses from a maximum of 35% to 50% of costs, and raises the minimum credit from 20% to 35%. The bill also makes this credit refundable, meaning people can get money back even if they don't owe taxes. Additionally, it increases the amount workers can exclude from their income for employer-provided childcare benefits from $5,000 to $7,500, and adjusts these amounts each year for inflation.

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