To establish a $1,000,000 asset limit for eligibility for child care assistance.

SA 2830. Mr. COBURN submitted an amendment intended to be proposed by
him to the bill S. 1086, to reauthorize and improve the Child Care and
Development Block Grant Act of 1990, and for other purposes; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. ELIMINATION OF CHILD CARE SUBSIDIES FOR
MILLIONAIRES.

(a) Internal Revenue Code.--
(1) No household and dependent care credit for
millionaires.--Section 21 of the Internal Revenue Code of
1986 is amended by redesignating subsection (f) as subsection
(g) and by inserting after subsection (e) the following new
subsection:
``(f) No Credit for Millionaires.--No credit shall be
allowed under this section for any taxable year with respect
to any taxpayer with an adjusted gross income equal to or
greater than $1,000,000 for such taxable year.''.
(2) No dependent care assistance programs for
millionaires.--Section 129(a) of the Internal Revenue Code of
1986 is amended by adding at the end the following new
paragraph:
``(3) No exclusion for millionaires.--No exclusion shall be
allowed by reason of this section for any taxable year with
respect to any taxpayer with an adjusted gross income equal
to or greater than $1,000,000 for such taxable year.''.
(3) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after the date of the
enactment of this Act.
(b) Federal Payments.--
(1) No child care subsidies for millionaires.--
Notwithstanding any other provision of law, no Federal funds
may be used to make payments relating to child care or child
care services for any individual whose adjusted gross income
in the preceding year was equal to or greater than
$1,000,000.
(2) Effective date.--The prohibition under this subsection
shall apply to any payments made on or after the date of the
enactment of this Act.
______