Bill > S0047

This bill amends South Carolina's tax code to provide two key tax credits related to childcare. First, it increases the existing tax credit for employers who establish childcare programs for their employees, raising the maximum credit from $100,000 to $1 million and allowing the credit to be applied against multiple types of tax liabilities, including income, bank, premium, license, and withholding taxes. The bill also expands the per-child credit from $3,000 to $12,000 annually and allows employers to include up to 2% of administrative costs in their credit calculation. Secondly, the bill introduces a new refundable tax credit for full-time childcare directors and staff members working at licensed or registered childcare facilities. This new credit ranges from $1,500 to $3,000 based on the staff member's professional level (from Level One to Level Four), as determined by the Department of Social Services' state practitioner registry. The childcare staff tax credit is set to expire on December 31, 2030, unless reauthorized by the state legislature. The bill will take effect upon the Governor's approval and will apply to tax years beginning after 2024, aimed at supporting and incentivizing childcare workforce development and employer-supported childcare programs.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=47&session=126&summary=B