TO AMEND THE LAW CONCERNING INCOME TAX CREDITS FOR CHILD CARE; TO AMEND THE INCOME TAX CREDIT FOR EMPLOYER-PROVIDED CHILD CARE; TO PROVIDE AN INCOME TAX CREDIT FOR LICENSED CHILDCARE PROVIDERS; AND TO DECLARE AN EMERGENCY.

Fiscal Impact Statement Bill: HB1435 Bill Subtitle: TO AMEND THE LAW CONCERNING INCOME TAX CREDITS FOR CHILD CARE; TO AMEND THE INCOME TAX CREDIT FOR EMPLOYER-PROVIDED CHILD CARE; TO PROVIDE AN INCOME TAX CREDIT FOR LICENSED CHILDCARE PROVIDERS; AND TO DECLARE AN EMERGENCY. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Achor and Sens. English and Irvin Basic Change: HB1435 restructures the income tax credit for employer-provided childcare and creates an income tax credit for childcare providers. Income Tax Credit for Employer-Provided Childcare --- Under current law, an employer who provides childcare for employees is allowed an income tax credit equal to either: • 3.9% of the annual salary paid by the employer to its employees who are employed exclusively in providing childcare services; or • A $5,000 credit for the first tax year the business provides a childcare facility for its employees. HB1435 replaces the current employer-provided childcare tax credit with a new non-refundable income tax credit for an employer that provides childcare services for an employee. The new inco

Fiscal Impact Statement Bill: HB1435 Bill Subtitle: TO AMEND THE LAW CONCERNING INCOME TAX CREDITS FOR CHILD CARE; TO AMEND THE INCOME TAX CREDIT FOR EMPLOYER-PROVIDED CHILD CARE; TO PROVIDE AN INCOME TAX CREDIT FOR LICENSED CHILDCARE PROVIDERS; AND TO DECLARE AN EMERGENCY. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Achor and Sens. English and Irvin Basic Change: HB1435 restructures the income tax credit for employer-provided childcare and creates an income tax credit for childcare providers. Income Tax Credit for Employer-Provided Childcare --- Under current law, an employer who provides childcare for employees is allowed an income tax credit equal to either: • 3.9% of the annual salary paid by the employer to its employees who are employed exclusively in providing childcare services; or • A $5,000 credit for the first tax year the business provides a childcare facility for its employees. HB1435 replaces the current employer-provided childcare tax credit with a new non-refundable income tax credit for an employer that provides childcare services for an employee. The new inco