HR7465-118

2. Increased maximum contribution to dependant care assistance programs Section 129(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000 ($2,500 and inserting $10,000 ($5,000. Section 129 of such Code is amended by adding at the end the following new subsection: Each dollar amount in this section shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If any increase under paragraph (1) is not a multiple of $50, such increase shall be rounded to the nearest multiple of $50. Section 129(a)(2) of such Code is amended by striking subparagraph (D). The amendments made by this section shall apply to calendar years beginning after December 31, 2023. (f)Inflation adjustment(1)In generalEach dollar amount in this section shall be increased by an amount equal to—(A)such dollar amount, multiplied by(B)the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof.(2)RoundingIf any increase under paragraph (1) is not a multiple of $50, such increase shall be rounded to the nearest multiple of $50..