WASHINGTON – Arizona senior Senator Kyrsten Sinema is cosponsoring a bipartisan bill that updates existing tax benefits to make childcare more affordable for hardworking Arizona families.
“Hardworking Arizona families deserve access to affordable, quality childcare. Our bipartisan solution updates childcare benefits to help working parents cover the costs of childcare and become more financially secure,” said Sinema.
The federal government provides two significant tax benefits to help offset childcare costs – the Child and Dependent Care Tax Credit and Dependent Care Flexible Spending Accounts – but, they are both in need of critical updates. For example, neither policies have kept pace with inflation, meaning they have become less useful over time as the cost of childcare increases.
Sinema’s Promoting Affordable Care for Everyone Act—sponsored by Senators Angus King (Maine) and Richard Burr (N.C.)—enacts several changes to make both tax policies immediately more generous to middle class families and modifies them to require an annual inflation adjustment that will provide families with greater spending power when seeking care for their children. Sinema also cosponsored the Promoting Affordable Care for Everyone Act in the U.S. House.