Bill > HB2007

This bill aims to increase the household and dependent care services tax credit, which helps taxpayers offset the costs of care for qualifying individuals, such as young children or incapacitated adults, so they can work. It achieves this by significantly raising the percentage of employment-related expenses that can be claimed for the credit, especially for those with higher adjusted gross incomes, and by extending the sunset date for a temporary increase in the maximum expenses that can be considered for this credit until June 30, 2030. Additionally, the bill introduces new provisions that disallow the credit for a period of ten years following a finding of fraud related to a claim and for two years after a claim is disallowed for other reasons, with the overall changes to the tax credit becoming effective on January 1, 2050.