MS HB142

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 refunds available for those below 250% of poverty level.

Provides refundable tax credits to qualified child care centers: $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.

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

Allows taxpayers a tax credit for donations to qualified child care centers up to $5,000 annually, with unused credits carryable forward 5 years.

Requires all child care centers to be qualified as standard or comprehensive centers under the Mississippi Department of Human Services voluntary child care program; effective January 1, 2020.