U.S. Rep. Stephanie Bice (R-OK) recently led a bipartisan contingent of lawmakers in proposing legislation that addresses childcare affordability across the nation.
The Combating High Inflation Limiting Daycare (CHILD) Act, H.R. 7465, would double the annual contribution limit for tax-advantaged Dependent Care Flexible Savings Accounts (DCFSAs) to help American families meet the rising costs of childcare.
Rep. Bice sponsored H.R. 7465 on Feb. 28 alongside five original cosponsors, including U.S. Reps. Randy Feenstra (R-IA), John Moolenaar (R-MI), and Linda Sánchez (D-CA).
“At its core, the CHILD Act will make a real difference in the lives of families across our nation,” Rep. Bice said. “By addressing the outdated contribution limits for Dependent Care Flexible Spending Accounts, we can provide much-needed relief to working parents and ensure that they have the resources necessary to support their families.”
Among several provisions, the bill would increase the annual contribution limit for DCFSAs to $10,000 from $5,000 for joint filers, and to $5,000 from $2,500 for separate filers, according to a bill summary provided by Rep. Bice’s staff.
Additionally, the measure would institute annual adjustments for inflation, ensuring that contribution limits for DCFSAs keep pace with rising costs, the summary says.
“For many parents, childcare costs are a major financial burden that can derail their personal lives and careers,” said Rep. Sánchez. “That’s why I appreciate Congresswoman Bice joining me to introduce legislation that would make childcare more affordable. Our bill, the CHILD Act, would help parents and caregivers focus on working to provide for their families.”