CT HB05302

Establishes an on-site child care tax credit of $500 per month for each minor dependent enrolled in a licensed child care center at or adjacent to an employee's workplace, effective January 1, 2017.

Eligible taxpayers must be subject to corporation business tax, insurance premiums tax, utility companies tax, or income tax, and have been in business for at least 12 consecutive months.

Qualifying employees must work at least 35 hours per week for a minimum of 48 weeks per year and enroll dependents in a child care facility operated exclusively for the employer's employees.

Credits must be claimed in the income year earned and cannot be refundable or carried forward; taxpayers cannot claim other credits for the same qualifying employee.

Total credits granted statewide cannot exceed $1 million in any fiscal year; Commissioner of Economic and Community Development must approve applications within 30 days.