Texas HB3011 provides a franchise tax credit for taxable entities making employer child-care contributions.

HB3011 amends the Texas Tax Code to create a tax credit for taxable entities that make employer child-care contributions. A taxable entity can apply for the credit, which is equal to the total amount of child-care contributions made during the reporting period. The credit can be carried forward for up to five consecutive reports if it exceeds the limitation. The credit can be sold or assigned to other taxable entities, with specific notice requirements. The comptroller has discretion in awarding credits and must notify entities of decisions.

Texas HB3011 provides a franchise tax credit for taxable entities making employer child-care contributions.

HB3011 amends the Texas Tax Code to create a tax credit for taxable entities that make employer child-care contributions. A taxable entity can apply for the credit, which is equal to the total amount of child-care contributions made during the reporting period. The credit can be carried forward for up to five consecutive reports if it exceeds the limitation. The credit can be sold or assigned to other taxable entities, with specific notice requirements. The comptroller has discretion in awarding credits and must notify entities of decisions.