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IN SB0364
Bill
Status
1/10/2017
Primary Sponsor
Mark Stoops
Click for details
AI Summary
SB 364 Summary
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Creates a child care tax credit against state income tax for taxpayers with adjusted gross income not exceeding $37,000.
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Credit amount equals the lesser of 20% of employment-related child care expenses or a fixed dollar amount ranging from $50 to $500 based on income level.
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Applies only to qualifying children under 13 years old who reside in Indiana with the taxpayer for more than half the year and are not married.
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Unused credits cannot be refunded or carried back, but may be carried forward to subsequent taxable years.
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Effective January 1, 2018, with the provision expiring January 1, 2021.
Legislative Description
Child care tax credit. Provides a child care tax credit against state income tax liability if the taxpayer's adjusted gross income for the taxable year is not more than $37,000. Provides that the credit is equal to the lesser of: (1) an amount ranging from $50 to $500, depending on the taxpayer's adjusted gross income; or (2) 20% of the taxpayer's employment related child care expenses. Provides that a taxpayer is not entitled to a carryback or refund of any unused tax credit, but the taxpayer may carry over excess credits to subsequent taxable years.
Last Action
Senator Stoops added as author
1/31/2017