MS HB1621

Allows taxpayers with income up to 400% of federal poverty level a $750 tax credit per dependent child for child care expenses at qualified standard or comprehensive child care centers, with the credit refundable for those below 250% of poverty level.

Provides refundable tax credits to qualified child care centers: $500 per average monthly child (capped at $15,000) for standard centers and $750 per average monthly child (capped at $20,000) for comprehensive centers.

Authorizes refundable tax credits for teachers and directors employed at qualified child care centers for more than 9 months: $750 for standard centers and $1,000 for comprehensive centers.

Allows taxpayers who donate funds to qualified child care centers a non-refundable tax credit up to $5,000 per year, with unused credits carrying forward for 5 consecutive years.

Directs the Department of Revenue to implement and administer the tax credits through rules and regulations, effective January 1, 2017.