Increase Business Tax Credits for On-Site Childcare

Current Status: Waiting

As of

As part of the Affordable Childcare and Eldercare Act:

"The annual cap for the business tax credit for on-site childcare authorized by Sec. 205 of the Economic Growth and Tax Relief Reconciliation Act of 2001 would be increased to $500,000 per year (up from $150,000) and recapture period would be reduced to 5 years (down from 10 years).

Businesses that pay a portion of an employee’s childcare expenses can exclude those contributions from income. Employees who are recipients of direct employer subsidies would not be able to exclude those costs from the individual income tax and the costs of direct subsidies to employees could not be used as a cost eligible for the credit."

This policy does not seem to have been addressed, let alone included, in the Republican budget reconciliation/tax bill that was signed into law in late 2017.

    Embed
References