MS HB535

Authorizes a $750 tax credit per dependent child for taxpayers with income up to 400% of federal poverty level who pay for child care at qualified centers, with refunds available for those below 250% of poverty level.

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

Allows refundable tax credits of $750 for teachers/directors at standard child care centers and $1,000 at comprehensive centers who have worked more than nine months in the tax year.

Authorizes a tax credit for donations to qualified child care centers, limited to the lesser of actual donations or $5,000, with a five-year carryforward period.

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