House Bill No. 1848, introduced by Schreiber, establishes a new income tax credit for employers who provide childcare assistance to their employees. The bill defines key terms related to childcare services and outlines the eligibility criteria for both employers and employees. Specifically, it allows employers to claim a credit equal to 30% of their expenditures on childcare assistance, operating childcare facilities, or reserving spots at childcare facilities for their employees' dependents. The total credit amount is capped at $30,000 per taxable year, and the overall credits available for use are limited to $5 million each fiscal year.

The bill also stipulates that the credits cannot reduce a taxpayer's income tax liability to less than zero and allows for unused credits to be carried over for up to five subsequent tax years. The provisions of this act will be effective starting January 1, 2026, and will remain in effect until January 1, 2031, at which point they will cease to have legal force.