Language Page 655, after line 32,, insert:"§ Tax Credit for Individuals Making $50,000 or Less Notwithstanding any other provision of law or regulation, beginning with the tax year for calendar year 2023 an individual household of less than $50,000 or married individuals with a combined income of less than $100,000 shall be eligible for a childcare tax credit of up to $500 per child to cover incurred childcare expenses."
Page 655, after line 32,, insert:
"§ Tax Credit for Individuals Making $50,000 or Less
Notwithstanding any other provision of law or regulation, beginning with the tax year for calendar year 2023 an individual household of less than $50,000 or married individuals with a combined income of less than $100,000 shall be eligible for a childcare tax credit of up to $500 per child to cover incurred childcare expenses."
Explanation
(This amendment provides a $500 childcare tax credit, per child, to an individual with household of less than $50,000 or married individuals with a combined income of less than $100,000. If this amendment is adopted there would be an adjustment to the resources included on the "front page" to reflect decrease in revenues from this amendment. A preliminary estimate of the impact is that it would reduce revenues by around $42.5 million a year.)