South Carolina S0047 amends tax credits for employers offering childcare programs for employees.

South Carolina S0047 amends the tax code to increase the maximum credit employers can claim for establishing and operating childcare programs for their employees. Employers can claim a credit against their state income tax, bank tax, or premium tax, license tax, or withholding tax liability for up to 50% of their capital expenditures in the state, up to a maximum of $100,000,000. The bill also allows a refundable income tax credit for full-time childcare directors and staff, with varying credit amounts based on qualifications.

South Carolina S0047 amends tax credits for employers offering childcare programs for employees.

South Carolina S0047 amends the tax code to increase the maximum credit employers can claim for establishing and operating childcare programs for their employees. Employers can claim a credit against their state income tax, bank tax, or premium tax, license tax, or withholding tax liability for up to 50% of their capital expenditures in the state, up to a maximum of $100,000,000. The bill also allows a refundable income tax credit for full-time childcare directors and staff, with varying credit amounts based on qualifications.