Missouri Bill Aims to Alleviate Child Care Tax Credits
Missouri Bill Aims to Alleviate Child Care Challenges with Tax Credit Incentives
JEFFERSON CITY – Efforts are underway in Missouri to make child care more accessible through proposed legislation. House Bill 1488, recently passed by the Senate Government Accountability Committee, aims to provide child care tax credits to both employers and families to ease the burden of child care expenses. Under the bill, individuals can claim a tax credit of 75% for their child care contributions, capped at $200,000 annually with a minimum contribution of $100. Employers can also claim a 30% tax credit for contributing to their employees’ child care costs.
The bill seeks to address the issue of child care deserts in areas with limited access to child care services, particularly in low income or rural areas. Supporters, including Governor Mike Parson, view the legislation as crucial for supporting families and businesses across the state. With bipartisan backing and acknowledgment of its importance from key stakeholders, there is optimism for the bill’s passage before the end of the legislative session.
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House Passes Childcare Tax Credit Bill: Boosts Family Support – El Dorado Springs Sun (PHOTO: abc10.com)
Bipartisan Effort Gains Momentum in Missouri to Tackle Child Care Tax Credit Accessibility Crisis
Advocates emphasize the widespread support from chambers of commerce and industry leaders who recognize the significance of addressing the lack of child care options in Missouri. Senator Karla Eslinger, chair of the Senate Governmental Accountability Committee, underscores the bipartisan effort to prioritize this issue. The bill’s provisions aim to incentivize investment in child care infrastructure while providing relief to families and employers struggling with child care expenses.
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