Bill
LC 1990
Overview: Bill LC 1990 aims to provide a childcare tax credit for eligible families.Purpose and Intent: The bill seeks to help alleviate the financial burden of childcare costs for
Overview: Bill LC 1990 aims to provide a childcare tax credit for eligible families.
Purpose and Intent: The bill seeks to help alleviate the financial burden of childcare costs for working parents by offering a refundable tax credit.
Key Provisions:
- Establishes a tax credit of up to $5,000 per child (up to $10,000 per family) for eligible childcare expenses
- Phases out the credit for higher-income households based on a sliding scale
- Requires eligible childcare providers to meet certain quality and licensing standards
- Directs the state revenue department to develop rules and procedures for administering the credit
Affected Parties and Impacts: The bill would primarily benefit working families with young children who incur significant childcare costs. The tax credit could help make quality childcare more accessible and affordable, potentially increasing workforce participation and supporting child development.
Procedural and Timeline Considerations: This bill is currently in the draft stage and has not been formally introduced. If passed, the tax credit would likely be available starting in the next tax year.
Compiled from official sources — confirm details with the bill’s official record.
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