Bill > HB1716

This bill establishes a business and occupation tax credit for businesses providing child care assistance to their employees. The credit covers all costs related to such assistance, which is defined as the portion of the employee's salary or wage provided by the employer to offset the employee's child care expenses, including tuition. The Department of Revenue is required to provide a report to the legislature by January 1, 2025, detailing the number of businesses offering child care assistance, the estimated cost of the credit, and an implementation plan. The tax credit is set to expire on January 1, 2034. The bill also outlines the legislative intent behind the tax preference, including the specific objective of increasing the number of businesses providing child care assistance to employees by 15 percent, which would lead to an extension of the expiration date.