Bill > H4015

This bill amends South Carolina tax law to enhance tax credits related to childcare. First, it increases the tax credit for employers who establish or support childcare programs for their employees, raising the maximum credit from $100,000 to $12,000 per child per year and allowing the credit to be applied against various types of tax liabilities. The bill also introduces a new refundable income tax credit for full-time childcare directors and staff employed at licensed or registered facilities, offering tax credits ranging from $1,500 to $3,000 based on the individual's professional level (Levels One through Four). The credit for childcare professionals is determined by the Department of Social Services using the state practitioner registry, and both the Department of Social Services and the Department of Revenue will collaborate to administer the credit. This provision 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, aiming to provide financial support and incentives for both employers and childcare workers in South Carolina.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4015&session=126&summary=B