HB18-1208

HB18-1208 - Expand Child Care Expenses Income Tax Credit

Passed/Signed into Law
Concerning the expansion of the income tax credit for child care expenses that is a percentage of a similar federal income tax credit.

Currently, a resident individual with a federal adjusted gross income of $60,000 or less is allowed a state income tax credit (state credit) for child care expenses that is a percentage of a similar federal income tax credit claimed (federal credit). The amount of the state credit depends on the individual's adjusted gross income (AGI). If the individual's AGI is:

 

  • $25,000 or less, then the state credit is 50% of the federal credit;
  • $25,001 to $35,000, then the state credit is 30% of the federal credit; and
  • $35,001 to $60,000, then the state credit is 10% of the federal credit.

The bill expands the state credit by allowing a resident individual with an AGI that is less than or equal to $150,000 to claim a credit that is equal to 80% of the individual's federal credit. For a taxpayer who is eligible for the credit due to the increased income threshold, the state credit is not refundable but may be carried forward up to 5 income tax years.

The bill makes an appropriation.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Latest update: May 22, 2018
05/22/2018 - Governor Signed
05/16/2018 - Sent to the Governor
05/16/2018 - Signed by the President of the Senate
05/16/2018 - Signed by the Speaker of the House
05/09/2018 - House Considered Senate Amendments - Result was to Concur - Repass
05/09/2018 - Senate Third Reading Passed - No Amendments
05/08/2018 - Senate Second Reading Special Order - Passed with Amendments - Committee
05/07/2018 - Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
05/03/2018 - Senate Committee on Finance Refer Amended to Appropriations
05/01/2018 - Introduced In Senate - Assigned to Finance + Appropriations
04/27/2018 - House Third Reading Passed - No Amendments
04/26/2018 - House Second Reading Special Order - Passed with Amendments - Committee
04/25/2018 - House Committee on Appropriations Refer Amended to House Committee of the Whole
03/12/2018 - House Committee on Finance Refer Amended to Appropriations
02/05/2018 - Introduced In House - Assigned to Finance