HB 1235 Summary

• Allows corporations a tax credit equal to the full amount reimbursed to employees for qualified child care expenditures during the taxable year.

• Defines "qualified child care expenditures" as amounts paid by a legal guardian for child care services provided by home, group, or center facilities licensed by the Department of Human Services.

• Permits excess tax credits exceeding corporate tax liability to be carried forward to future taxable years.

• Provides employers a deduction of twice the amount paid to reimburse employees for qualified child care expenditures against corporate income tax under section 57-38-30.3.

• Effective for taxable years beginning after December 31, 2018.