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IN HB1288
Bill
Status
1/10/2019
Primary Sponsor
Carey Hamilton
Click for details
AI Summary
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Creates a refundable Indiana tax credit for child and dependent care expenses, calculated as a percentage of the federal child and dependent care tax credit claimed under IRC Section 21
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Credit percentage varies by adjusted gross income: 100% for income $40,000 or less, 75% for $40,001-$60,000, 50% for $60,001-$80,000, and 25% for $80,001-$100,000
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Individuals with adjusted gross income exceeding $100,000 are not eligible for the credit
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Excess credit amounts beyond the taxpayer's tax liability are refunded to the taxpayer
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Effective January 1, 2020, applying to taxable years beginning after December 31, 2019
Legislative Description
Child and dependent care tax credit. Provides a child and dependent care refundable tax credit against an individual's Indiana adjusted gross income tax for employment related child and dependent care expenses based on the taxpayer's Indiana adjusted gross income and a percentage of the federal child and dependent care tax credit the taxpayer claimed for the taxable year for federal income tax purposes.
Last Action
Representative Beck added as coauthor
1/29/2019