HB18-1208
Expand Child Care Expenses Income Tax Credit
Concerning the expansion of the income tax credit for child care expenses that is a percentage of a similar federal income tax credit.
Session:
2018 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
Income tax - tax credit - child care expenses - increase. Currently, a resident individual with a federal adjusted gross income of $60,000 or less is allowed a state income tax credit for child care expenses that is a percentage of a similar federal income tax credit claimed. For individuals with adjusted gross income that is greater than $25,000 and less than or equal to $60,000, the act increases the amount of the state credit to be 50% of the federal credit, which is the same percentage as people who have adjusted gross income that is $25,000 or less.
(Note: This summary applies to this bill as enacted.)