Tax Credit for Starting Home-Based Child Care
This new act introduces a tax credit of up to $5,000 for individuals establishing licensed home-based child care services. The aim is to expand access to child care by helping cover initial startup costs like licensing fees, supplies, and insurance. This is a one-time credit available for seven years from the act's enactment.
Key points
Receive up to $5,000 in tax credit for qualified expenses to start a licensed family child care provider.
Eligible expenses include licensing fees, supplies, liability insurance, fencing, playground equipment, furniture, employee salaries, computers, training, and home renovations required for licensure.
To qualify, you must operate a licensed child care service primarily from your home, caring for at least two non-family children for a significant part of the year.
This is a one-time credit per taxpayer and will be available for seven years after the act becomes law.
Status:
Introduced
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