HB4486 - Providing tax credits for expenditures related to the establishment and operation of employer-provided child-care facilities

1 Co-Sponsor

The purpose of this bill is to provide a tax credit to for-profit and nonprofit corporations to encourage the establishment of childcare facilities for the benefit of their employees. The credit for for-profit corporations would be taken against the corporate net income tax. The credit for nonprofit corporations would apply to payroll withholdings and would allow the nonprofit to recoup costs associated with employer-provided childcare by keeping a certain percentage of employee personal income tax withholdings that would otherwise be remitted to the State Tax Department.