NJ A4145

Tax credits equal to 50% of up to $50,000 in expenses for employers who acquire, construct, renovate, or improve property for child care centers serving their employees' children, available for three calendar years after enactment.

Separate annual credits of 50% of up to $50,000 for operating or contracting for child care services, and 10% of up to $50,000 for child care information and referral services.

Qualified child care centers must be licensed by the Department of Children and Families and participate in the Grow NJ Kids quality rating program, with enrollment open to employees' children without discrimination.

Employers receiving the construction credit must operate the child care center for 60 consecutive months or repay the credit with interest at three percentage points above prime rate.

Credits apply against both corporation business tax and gross income tax, cannot exceed 50% of tax liability, and unused amounts may be carried forward for seven years.