Assembly Bill 283 proposes amendments to existing statutes to expand the eligibility of certain child care expenditures for the business development tax credit in Wisconsin. Currently, businesses can receive a refundable tax credit of up to 15 percent for investments in establishing employee child care programs, limited to capital expenditures. The bill broadens this definition to include various costs associated with providing child care services for employees, such as operational expenses, reimbursements for child care, and contributions to dependent care flexible spending accounts. Additionally, it allows the Wisconsin Economic Development Corporation to certify nonprofit entities for these tax credits.

The bill includes several specific amendments, such as renumbering and creating new sections within the statutes. Notably, it renumbers the definition of "eligible employee" and introduces a new section that outlines the types of costs that qualify for the tax credit. The amendments also clarify that the tax credit applies to costs incurred for child care services, not just capital investments. The changes are set to take effect for taxable years beginning after December 31, 2024, thereby providing businesses with a broader scope of financial 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