Bill > HF4776

This bill proposes to allow a subtraction for employer-provided dependent care assistance, up to $10,000 for married couples filing jointly and $5,000 for other filers. It also establishes a tax credit for employers who provide child care expenses or child care resource and referral expenditures in Minnesota, which can be claimed based on the federal credit available under Section 45F of the Internal Revenue Code. The bill specifies how the credit can be passed through to partners, members, or shareholders, and allows for a five-year carryover of any unused credit amount. These provisions would be effective for taxable years beginning after December 31, 2023.