Late last week, Senators Richard Burr (R-NC) and Angus King (I-ME) introduced the Promoting Affordable Care for Everyone (PACE) Act of 2017. The goal of the PACE Act is to make these tax credits more generous for working and low-income families and reflect the rising cost of child care.
This legislation would update several Federal child care-related tax credits including the Child and Dependent Care Tax Credit (CDCTC) and Flexible Spending Accounts (FSA).