Bill > HB1848

This bill creates a new income tax credit for employers who support childcare services for their employees, offering a 30% tax credit for three specific types of childcare-related expenses from 2026 to 2030. The credit can be applied to: direct childcare expense assistance for employees, operating or contracting to operate an on-site childcare facility primarily for employees' children, or contracting with a childcare facility to reserve spots for employees. The credit is capped at $30,000 per employer annually and cannot reduce an employer's income tax liability below zero. Unused credits can be carried forward for up to five consecutive tax years, and the total statewide credits are limited to $5 million per fiscal year. The bill includes detailed definitions of terms like "eligible program" and "qualified childcare worker," focusing on licensed childcare facilities enrolled in Oklahoma's Quality Rating and Improvement System (QRIS) and Professional Development Ladder (PDL). The tax credit aims to support employers in helping employees access affordable, high-quality childcare, with specific provisions targeting children five years old and younger. The program will automatically expire on January 1, 2031, unless renewed by future legislation.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1848&Session=2600