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Bill > HB545

MS HB545

MS HB545
Income tax; authorize credit for certain child care expenses, child care centers and child care teachers and directors.

summary

Introduced
01/24/2024
In Committee
01/24/2024
Crossed Over
Passed
Dead
03/27/2024

Introduced Session

2024 Regular Session

Bill Summary

An Act To Authorize An Income Tax Credit For Certain Taxpayers Who Incur Child Care Expenses For A Dependent Child To Attend A Child Care Center That Is Qualified As A Standard Child Care Center Or Comprehensive Child Care Center Under The Mississippi Department Of Human Services Voluntary Child Care Program; To Provide For The Amount Of The Tax Credit; To Authorize A Refundable Income Tax Credit For A Taxpayer Who Is Qualified As A Standard Child Care Center Or Comprehensive Child Care Center Under The Mississippi Department Of Human Services Voluntary Child Care Program; To Provide For The Amount Of The Tax Credit; To Authorize A Refundable Income Tax Credit For A Taxpayer Who Is Employed As A Teacher Or Director With A Child Care Center That Is Qualified As A Standard Child Care Center Or Comprehensive Child Care Center Under The Mississippi Department Of Human Services Voluntary Child Care Program; To Provide For The Amount Of The Tax Credit; And For Related Purposes.

AI Summary

This bill authorizes an income tax credit for certain taxpayers who incur child care expenses for a dependent child to attend a qualified child care center in Mississippi. The credit amount is $750 per dependent child, and it is refundable if the taxpayer's income is less than 250% of the federal poverty level. The bill also establishes a refundable tax credit for qualified child care centers based on the average monthly number of children attending, as well as a refundable tax credit for teachers and directors employed at these centers. The bill requires the Mississippi Department of Revenue to implement and administer the provisions of the act, and it takes effect on January 1, 2024.

Committee Categories

Budget and Finance

Sponsors (5)

Last Action

Died In Committee (on 03/27/2024)

Bill Topics

Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
  • ‐ Family Issues
(2 Companion Bills)

bill text

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bill summary

Document Type Source Location Created
State Bill Page https://billstatus.ls.state.ms.us/2024/pdf/history/HB/HB0545.xml 01/24/2024
BillText https://billstatus.ls.state.ms.us/documents/2024/html/HB/0500-0599/HB0545IN.htm 01/24/2024
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