Child Care Expenses Income Tax Credit Extension

For the 3 income tax years prior to January 1, 2017, a residential individual who has a federal adjusted gross income of $25,000 or less may claim a refundable state income tax credit for child care expenses. The tax credit is equal to 25% of eligible child care expenses that the individual incurred during the taxable year, up to a maximum amount of $500 for a single dependent or $1,000 for 2 or more dependents. The bill extends the tax credit for 3 more income tax years. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)