The bill H. 4015 aims to amend the South Carolina Code of Laws regarding tax credits for childcare programs. It proposes to increase the maximum credit available under Section 12-6-3440 for employers who establish childcare programs for their employees' children, allowing the credit to be applied against various tax liabilities, including state income tax, bank tax, and withholding tax. Specifically, the maximum credit for capital expenditures is raised to one hundred thousand dollars, and the annual credit per child for participating employees is increased to twelve thousand dollars. Additionally, the bill allows for the inclusion of administrative costs associated with payments to licensed childcare facilities in the credit calculation.

Furthermore, the bill introduces a new Section 12-6-3595, which establishes a 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. The Department of Social Services will assist in administering this credit, determining eligibility based on the state practitioner registry. The provisions of this section will expire 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:
02/13/2025: 12-6-3440, 12-6-3595
Latest Version: 12-6-3440, 12-6-3595