Bill > S228

This bill provides tax credits for corporations and individuals who invest in employer-provided child care. Specifically, it offers a credit against the corporation business tax (CBT) and the gross income tax (GIT) for a portion of the costs associated with acquiring, constructing, renovating, or improving real property to operate a qualified child care center primarily for the children of employees. A qualified child care center is defined as a licensed facility that is not primarily used for another purpose, is regularly used for child care, is open to children of employees, and does not unfairly discriminate based on compensation or protected characteristics. The bill also allows for credits for the operational costs of such centers and for providing child care information and referral services. To claim these credits, taxpayers must enter into an agreement with the director of the Division of Taxation, demonstrating that the child care facility meets specific requirements and will be used for a minimum of 60 months. The credits can be carried forward for up to seven years if not fully utilized, and taxpayers can also elect to sell these credits to other businesses. The bill aims to incentivize employers to support child care for their employees, thereby potentially improving workforce participation and retention.