Parents’ Tax Relief Act
It’s time to talk or write your representative again.
A bill has been introduced in both the Senate and House of Representatives called the “Parent’s Tax Relief Act of 2007.” This bill is geared towards families with a stay-at-home parent and hopes to increase telecommuting and home-based businesses.
The bill will:
- Extend the Dependent Care Tax Credit to stay-at-home parents.
- Make the Child Tax Credit permanent.
- Eliminate the Marriage Tax Penalty.
- Protect social security benefits for stay-at-home parents by not allowing the value due to reduced income to be deminished.
- Create a standard home-office tax deduction.
Source: Congressman Lee Terry’s Website.