MS HB545

Authorizes a $750 tax credit for taxpayers with income not exceeding 400% of federal poverty level who pay child care expenses for dependent children under age 6 attending qualified child care centers for at least 8 months per year.

Makes the child care expense credit refundable for taxpayers with income below 250% of federal poverty level, allowing them to receive refunds for excess credits beyond their tax liability.

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 9+ months at qualified child care centers: $750 for standard centers and $1,000 for comprehensive centers.

Effective January 1, 2024, with the Department of Revenue authorized to promulgate implementing rules and regulations.