HI HR147

Urges the IRS Commissioner to raise the Dependent Care Flexible Spending Account (FSA) limit from $5,000 to $10,000 per child to reflect average child care costs in the United States

Notes that Hawaii ranks 12th most expensive for child care nationally, with infant care costing $13,731 annually and 4-year-old care costing $8,937 annually

States that infant care in Hawaii costs $4,022 more per year than in-state public college tuition and represents up to 16% of an average family's income, while only 10.9% of Hawaii families can afford infant care by HHS affordability standards

Explains that Dependent Care FSAs allow pre-tax contributions for eligible dependent care expenses including day care, preschool, summer camps, and before/after-school programs, with potential savings of approximately 30 percent

Requires transmittal of certified copies to the IRS Commissioner, U.S. Congress leadership, Hawaii members of Congress, the Hawaii Governor, and various policy organizations