This bill proposes amendments to the Code of West Virginia by introducing two new sections, 11-21-98 and 11-24-45, which establish a tax credit for employers who operate existing childcare facilities. The credit applies to both the state corporate net income tax and the state personal income tax, allowing employers to receive a credit equal to 100% of their operational expenditures for qualified childcare facilities, minus any amounts paid by employees. The bill defines key terms such as "cost of operation," "qualified childcare property," and outlines the conditions under which the credit can be claimed, including limitations on the total credit amount and the requirement for employers to certify information to the Tax Department.

Additionally, the bill allows for a transferable credit specifically for nonprofit corporations, enabling them to transfer, sell, or assign their credits to other taxpayers. The Tax Commissioner is granted the authority to create rules necessary for the implementation of these provisions. Overall, the bill aims to incentivize employers to support childcare services, thereby promoting employee welfare and potentially enhancing workforce participation.

Statutes affected:
Introduced Version: 11-21-98, 11-24-45