This bill proposes the addition of two new sections to the Code of West Virginia, specifically sections 11-21-98 and 11-24-45, which establish a tax credit for employers who operate existing employer-provided or sponsored childcare facilities. The bill defines key terms such as "cost of operation," "qualified childcare property," and "employer," and outlines the eligibility criteria for the tax credit. The credit is set at 100% of the total operational expenditures incurred by the employer for the childcare facility, minus any amounts paid by employees. Additionally, the bill includes provisions for limitations on the credit, allowing it to be carried forward for five years if not fully utilized in a given tax year.

Furthermore, the bill introduces a provision for non-profit corporations, allowing them to transfer the tax credit to other taxpayers, thereby enhancing the accessibility of the credit. The Tax Commissioner is granted the authority to create necessary rules to implement the provisions of this bill effectively. Overall, the legislation aims to incentivize employers to maintain and support childcare facilities, thereby promoting employee welfare and potentially increasing workforce participation.

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