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Corporate Voices for Working Families
Corporate Voices for Working Families Supports Legislation to Increase Dependent Care Flexible Spending Account Limits
October 12th, 2008
Corporate Voices for Working Families (CVWF) and American Business Collaboration (ABC) applauds Representatives Carol Shea-Porter (D-NH) and Jim Ramstad (R-MN) who introduced today H.R. 7035 to amend the Internal Revenue Code to increase dependent care flexible spending account (DCFSA) limits. The legislation proposes an increase in the cap on DCFSA from the current maximum of $5,000 a year -- a figure that has been unchanged since 1986 -- to $7,500 a year. In today's dollars, this tax benefit is worth only $2,800, while the average cost of care for an infant ranges from $4,000 to $14,000 a year. "DCFSA is a powerful tool that benefits working...
Source: Pharma Investments, Ventures & Law Weekly (2008-10-12)
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