Senate Bill 291 aims to expand the eligibility for the business development tax credit in Wisconsin by allowing businesses to claim a credit of up to 15 percent for various costs associated with providing child care services for employees. This includes not only capital expenditures for establishing child care programs but also operational costs, reimbursements for employee child care expenses, and contributions to dependent care flexible spending accounts. The bill also introduces new definitions and provisions related to these costs, specifically creating a new section in the statutes that outlines what constitutes eligible child care expenditures.

Additionally, the bill renumbers existing legal language and amends several sections to reflect these changes, including the definition of "eligible employee" and the criteria for tax credits related to workforce housing and child care services. Notably, it allows the Wisconsin Economic Development Corporation to certify nonprofit entities for tax benefits related to child care services. The changes are set to apply to taxable years beginning after December 31, 2024, thereby providing businesses with a broader scope of support for employee child care initiatives.

Statutes affected:
Bill Text: 71.07(3y)(a)2, 71.07, 71.07(3y)(b)6, 71.28(3y)(a)2, 71.28, 71.28(3y)(b)6, 71.47(3y)(a)2, 71.47, 71.47(3y)(b)6, 238.308(2)(a)1, 238.308, 238.308(4)(a)6