H.R.4164: To amend the Internal Revenue Code of 1986 to allow a deduction for expenses paid for household and dependent care services necessary for gainful employment and to increase, and make refundable, the credit for such expenses.

Child Care Affordability Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for expenses paid for household and dependent care services necessary for gainful employment; (2) increase the dollar limitation on the tax credit for such expenses; (3) provide for an inflation adjustment after 2008 to the dollar amounts for such tax deduction and tax credit; and (4) make such tax credit refundable.