Income taxes: credit: childcare.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including, in modified conformity with federal income tax law, authorizes a credit for household and dependent care expenses necessary for gainful employment, as provided. This bill, for taxable years beginning on or after January 1, 2024, and before January 1, 2029, would allow a credit in the amount of 30% of the costs of startup expenses for childcare programs or constructing a childcare facility, to be used primarily by the children of the taxpayer's employees or by the children of employees of tenants leasing commercial or office space in a building owned by the taxpayer, or of the costs of providing childcare information and referral services to the taxpayer's employees, as provided, not to exceed $30,000 for the taxable year. This bill, for taxable years beginning on or after January 1, 2024, and before January 1, 2029, would also allow a credit in the amount of 30% of the cost paid or incurred by the taxpayer for contributions to a qualified care plan made on behalf of any qualified dependent of the taxpayer's qualified employees, not to exceed $360 for each qualified dependent. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements. The bill would make specified findings detailing the goals, purposes, and objectives of the above-described tax credits, performance indicators for determining whether the credits meets those goals, purposes, and objectives, and data collection requirements. This bill would take effect immediately as a tax levy.