HB 1009 Summary

• Creates a refundable Indiana income tax credit for eligible employment-related household, child care, or dependent care expenses effective January 1, 2011.

• Credit amount equals 50% of the federal child and dependent care credit (calculated using the applicable percentage and eligible employment-related expenses under Internal Revenue Code Section 21).

• Individuals with federal adjusted gross income exceeding $45,000 are ineligible for the credit.

• Excess credit amounts that exceed the taxpayer's adjusted gross income tax liability are refunded by the department.

• Applies only to taxable years beginning after December 31, 2010.