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 tax credit available to 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 related to childcare programs 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 includes provisions for taxpayers to claim credits for payments made directly to licensed childcare facilities.

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. The Department of Social Services will assist in administering this credit, determining eligibility based on the state practitioner registry. The new provisions will be effective for tax years beginning after 2024 and will expire unless reauthorized by the General Assembly after December 31, 2030.

Statutes affected:
02/13/2025: 12-6-3440, 12-6-3595
Latest Version: 12-6-3440, 12-6-3595