Plain English Breakdown
The official source material does not provide specific details on how much money can be used or the exact criteria for qualifying companies.
Child Care Assistance Act
This act amends Indiana's laws concerning taxation by increasing eligibility criteria and qualified expenditures for employer child care tax credits, and allowing redevelopment commissions to use revenue from special districts to support the construction or expansion of child care facilities.
What This Bill Does
- Increases the maximum number of individuals an entity may employ to be eligible for the employer child care expenditure income tax credit.
- Provides that costs incurred for operating a child care facility for employees, or under contract with a child care facility to provide services to employees, are qualified expenditures for the employer child care expenditure income tax credit.
- Allows redevelopment commissions to use revenue from special districts to support construction or expansion of child care facilities.
Who It Names or Affects
- Employers who provide child care services or assistance to their workers
- Redevelopment commissions in Indiana
Terms To Know
- tax credit
- A reduction in the amount of tax a person or company has to pay.
- redevelopment commission
- An organization that works on improving and developing areas within a city or town.
Limits and Unknowns
- The bill does not specify exact amounts for the tax credits.
- It is unclear which companies will qualify for the tax credits after the changes.