The bill amends the Code of West Virginia to enhance the employer-provided or sponsored child care tax credit program. Key changes include allowing licensed third-party providers to receive financial contributions from employers, regardless of their location or employee usage ratio, and removing the requirement that child care centers primarily serve the children of a sponsoring employer's workforce. The bill also extends the carry-forward period for unused tax credits from three years to twenty years, making the tax credit more accessible for employers. Additionally, it increases the tax credit for capital investments in child-care property and operating costs from 50% to 100%, allowing employers to claim these credits over a five-year period.

Furthermore, the bill introduces a provision for non-profit corporations to transfer their tax credits to other taxpayers, enhancing the flexibility of the program. The Tax Commissioner is empowered to create necessary rules for effective implementation of these changes. Overall, the bill aims to incentivize employers to provide or sponsor child care services, thereby improving access to child care for working families in West Virginia.

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