This bill amends the West Virginia Code to significantly enhance tax credits for employers who provide child care for their employees. It raises the tax credit for capital investment in qualified child-care property from 50% to 100% of the incurred costs, applicable for the taxable year the property is first placed in service and for the subsequent four years. Similarly, the tax credit for operating costs is also increased from 50% to 100% of the operational expenses incurred by employers. The bill includes definitions for key terms related to the tax credits and establishes limitations to ensure that the total credits claimed do not exceed 100% of the taxpayer's income tax liability.

Additionally, the bill introduces provisions for non-profit corporations, allowing them to transfer their tax credits to other taxpayers, thereby enhancing the flexibility of these credits. The Tax Department is responsible for certifying the amount of transferable credits within 90 days of application. The Tax Commissioner is empowered to create necessary rules for the effective implementation of these changes. Overall, the bill aims to incentivize child care support by increasing financial benefits for employers and expanding options for non-profit organizations.

Statutes affected:
Introduced Version: 11-21-97, 11-24-44