This bill proposes the addition of two new sections to the Code of West Virginia, specifically 11-21-98 and 11-24-45, which establish a tax credit for employers who operate existing employer-provided or employer-sponsored child care facilities. The bill defines key terms such as "cost of operation," "qualified child-care property," and "employer," and outlines the eligibility criteria for the tax credit. The credit is set at 100% of the total operational costs incurred by the employer, excluding amounts paid by employees, and is subject to certain limitations, including a cap on the total credit that can be claimed in a taxable year.

Additionally, the bill allows for a transferable credit for non-profit corporations, enabling them to sell or assign their credits to other taxpayers. The Tax Commissioner is granted the authority to create rules necessary for the implementation of this tax credit program. Overall, the bill aims to incentivize employers to maintain and support child care facilities, thereby promoting employee welfare and family support within the state.

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