Bipartisan Bill Mirrors FFYF-Supported Proposal To Update Federal Child Care Tax Credits
Washington, D.C. – The First Five Years Fund (FFYF) endorsed U.S. Senators Richard Burr (R-N.C.) and Angus King’s (I-Maine) introduction of the bipartisan Promoting Affordable Childcare for Everyone (PACE) Act. The bipartisan bill would update the federal government’s child care-related tax credits to make them more useful to American families at a time when the costs of child care remain prohibitively high.
“The First Five Years Fund applauds and fully supports Senators Burr and King’s efforts to update federal child care tax credits. Making these credits refundable for low-income families, increasing the value of the credit, and indexing the credits to inflation are important steps to making our tax code work for working families,” said Kris Perry, Executive Director of FFYF.
While the current tax code includes numerous provisions to help families offset higher education costs, very few incentives exist to offset early childhood education expenses. FFYF recently released its “Tax Proposals That Support Working Families,” which outlines how Congress and the Trump Administration can use the tax code to expand access to quality early learning and care.
In addition, FFYF is a member and strong supporter of the Early Childhood Education Action Tank, a diverse coalition of children’s advocacy groups, businesses, and financial institutions, convened by the Save the Children Action Network. The group recently released its report “Innovative Financing For Early Childhood Education” outlining ways the tax code can be used to help low- and middle-income families pay for child care and preschool.
FFYF is a bipartisan organization that provides deep knowledge and resources to advocate for proven investments in federal policies that support the first five years of a child’s life. Research shows investing in quality early childhood education programs – especially for disadvantaged children – creates greater returns for all Americans by improving education, health, and economic productivity nationwide.
To learn more about FFYF and their tax solutions, visit https://www.ffyf.org/.