Oklahoma Lawmakers Approve Tax Credits to Tackle Child Care Shortages
House Lawmakers Approve Tax Credits to Revitalize Child Care Sector and Facilitate Parental Workforce Reentry
In a bid to boost the struggling child care sector and aid parents in returning to work, House lawmakers have given the green light to two new tax credits. Suzanne Schreiber, a lawmaker from Tulsa, emphasized the need to address the shortage of child care services which often keeps people out of the workforce due to high costs and limited availability. The proposed bills aim to provide tax incentives for Oklahoma employers who assist employees with child care expenses and offer refundable tax credits to qualified child care workers.
Additionally, child care workers meeting certain criteria could receive a $1,000 refundable tax credit. Schreiber’s efforts highlight the growing recognition of child care challenges impacting the labor force with studies estimating significant economic losses due to the child care crisis. While some lawmakers have expressed concerns about incentivizing work over staying at home, supporters argue that investing in child care is essential for building a robust workforce.
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Tax Credits Oklahoma Lawmakers Propose to Alleviate Child Care Crisis for Businesses and Providers (PHOTO: Akron Beacon Journal)
Experts Caution that Tax Credits Alone May Not Fully Address Oklahoma’s Child Care Shortage
Experts stress that while these tax credits are a step in the right direction, they may not fully solve the child care shortage. The CEO of the Potts Family Foundation, AJ Griffin, acknowledges the complexity of the issue emphasizing that various approaches are needed to address it effectively. With Oklahoma facing a significant decline in available child care facilities over the past decade, stakeholders emphasize the importance of investing in child care infrastructure as a vital component of workforce development.
READ ALSO: Private School Tax Credit Bill Fails In Idaho House Committee Amid Divided Opinions
