US SB847

Increases the employer-provided child care tax credit from 25% to 50% of qualified expenses, with the maximum credit rising from $150,000 to $500,000

Provides enhanced benefits for small businesses meeting a gross receipts test: 60% credit rate and $600,000 maximum cap

Allows employers to jointly own or operate childcare facilities with other businesses while still qualifying for the tax credit

Raises the dependent care assistance program exclusion from $5,000 to $7,500 annually ($3,750 for married filing separately)

Creates a new refundable household and dependent care tax credit (Section 36C) with up to 50% of expenses covered, expense limits of $5,000 for one qualifying individual or $8,000 for two or more, and a phaseout beginning at $150,000 adjusted gross income