Establishes a refundable tax credit for employers who pay or provide resources for child care for employees' children.
The bill repeals the existing employer-assisted day care income tax credit and introduces a new refundable tax credit for employers who pay or provide in-kind resources for child care for their employees' children. The credit is equal to 50% of the costs incurred or $3,000 per child, whichever is lower. Unused credits can be carried over to the following years. The credit is subject to ongoing legislative review starting in 2030 to assess its public policy objectives and economic benefits.
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