S. 273: Small Business Child Care Investment Act
Introduced: January 26, 2023
Sponsors: Senators Kyrsten Sinema (D-AZ) and Todd Young (R-IN)
Summary:
The Small Business Child Care Investment Act aims to address the shortage of affordable child care in the United States, particularly for small businesses and their employees.
Key Provisions:
- Tax Credit for Small Businesses: Provides a tax credit of up to $7,500 per employee for small businesses that offer on-site or near-site child care.
- Grants for Child Care Providers: Establishes a grant program to help child care providers expand their capacity and improve the quality of their services.
- Matching Funds for Child Care Subsidies: Matches state and local funds for child care subsidies, making child care more affordable for low-income families.
- Expansion of the Earned Income Tax Credit (EITC): Increases the EITC for families with children, providing additional financial support to help cover child care expenses.
- Loan Programs for Child Care Providers: Creates loan programs to help child care providers finance capital improvements and expand their operations.
Background:
The shortage of affordable child care in the United States has a significant impact on the economy. It limits the ability of parents, particularly women, to participate fully in the workforce. It also hinders the growth of small businesses, which often struggle to find and retain employees due to child care challenges.
Support and Opposition:
The Small Business Child Care Investment Act has received bipartisan support from Senators and business organizations. The U.S. Chamber of Commerce, for example, has endorsed the bill, citing its potential to boost economic growth and support working families.
However, some critics argue that the bill does not provide enough funding to address the full extent of the child care shortage. Others raise concerns about the cost to taxpayers and the potential for waste and fraud in the grant programs.
Status:
As of January 31, 2023, the bill has been referred to the Senate Committee on Small Business and Entrepreneurship. It is still in the early stages of the legislative process and will need to be approved by both the Senate and House of Representatives before it can become law.
S. 273 (IS) – Small Business Child Care Investment Act
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