HI HB1718

Creates a nonrefundable income tax credit for eligible taxpayers covering child care costs for children up to age four at registered or licensed child care facilities, excluding preschool and elementary school attendance.

Credits up to $3,000 per eligible child per taxable year, calculated as a percentage of qualifying costs (percentage amount left blank in bill text).

Allows carryover of unused credits to subsequent taxable years if credits exceed net income tax liability; claims must be filed within twelve months of the close of the taxable year or are waived.

Defines eligible taxpayers as parents or legal guardians of eligible children who are not claimed as dependents by another taxpayer; eligible children include biological, adopted, or legally guarded children.

Applies to taxable years beginning after December 31, 2018, with an effective date of July 1, 3000 (appears to be a typographical error).