Bill > HB495

This bill establishes a new "corporate low wage tax" imposed on large corporations (those with global gross income over $1 billion) that pay employees a "low wage," defined as an hourly wage that, when multiplied by 2,080 hours (a full-time year), results in income less than twice the federal poverty level for a family of three, and this tax is $1 per hour for each hour an employee is paid a low wage. The revenue generated from this corporate low wage tax will be distributed to a newly created "preschool program fund," which will be used to license, fund, and support preschool programs for children aged zero to five, with specific definitions for terms like "benefits," "employer corporation," and "low wage" to clarify the tax's scope and application. The bill also outlines the process for licensing and funding these preschool programs, including application requirements, staff qualifications, and program standards, and mandates that any tax credits allowed under existing corporate tax laws cannot be used to offset this new low wage tax, while also allowing for civil actions to enforce the tax and protect employees from retaliation.