Targeting Child Care Funds Based on Poverty Act of 2023

This bill changes how federal child care funding is distributed to states. It directs that any additional funds for fiscal year 2024 or later must be allocated based on each state's share of children under 13 living in poverty. This replaces the previous distribution method with a new formula prioritizing states with higher concentrations of low-income children in that age group. The change directly affects states receiving child care funds under the Social Security Act's child care program.