MS HB312

Authorizes a $750 tax credit for taxpayers with incomes up to 400% of federal poverty level who pay for dependent children under age 6 to attend qualified child care centers for at least 8 months per year, with refunds available for those earning below 250% of poverty level.

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

Allows $750 refundable tax credits for teachers or directors employed at standard child care centers and $1,000 credits at comprehensive centers, with requirement of more than 9 months employment during the tax year.

Authorizes tax credits up to $5,000 for taxpayers who donate funds to qualified child care centers, limited to their annual tax liability with a 5-year carryforward option.

Requires qualified centers to be registered as standard or comprehensive child care centers under the Mississippi Department of Human Services voluntary child care program; effective January 1, 2018.