The bill S. 47 aims to amend the South Carolina Code of Laws regarding tax credits for childcare programs. It proposes to increase the maximum tax credit available to employers who establish childcare programs for their employees' children, allowing them to claim a credit against various tax liabilities, including state income tax and bank tax, up to a maximum of one hundred thousand dollars. Additionally, the bill allows for credits based on childcare payments made to licensed facilities, with a cap of twelve thousand dollars per child for each participating employee annually. The bill also includes provisions for retaining necessary information regarding childcare facilities for tax credit eligibility.

Furthermore, the bill introduces a new refundable income tax credit for individual taxpayers employed full-time as childcare directors or staff at licensed facilities. The credit amount varies based on the employee's qualifications, ranging from $1,500 to $3,000 depending on their level of certification. The Department of Social Services will assist in administering this credit, and the section will be repealed after December 31, 2030, unless reauthorized by the General Assembly. The act will take effect upon the Governor's approval and will apply to tax years beginning after 2024.

Statutes affected:
12/11/2024: 12-6-3440, 12-6-3595
Latest Version: 12-6-3440, 12-6-3595