HB 2641
Provide a tax credit to for-profit and nonprofit corporations to encourage the continued operation of child-care facilities for the benefit of their employees
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a tax credit for for-profit and nonprofit corporations in West Virginia to encourage them to maintain child-care facilities for their employees. The credit would cover expenses related to operating existing, qualified childcare facilities, excluding property that qualifies for separate childcare credits. Non-profit corporations can transfer the credit to other taxpayers. The credit is capped at 100% of the taxpayer's income tax liability and can be carried forward for up to five years.
Key provisions
- Provides a tax credit against state corporate and personal income taxes for childcare expenses.
- Defines ‘qualified childcare property’ based on employee usage and exclusion of property eligible for separate childcare credits.
- Allows for transferrable credits for non-profit corporations.
- Limits the total credit to 100% of the taxpayer’s income tax liability.
- Provides for a five-year carryforward of unused credits.
- Requires employers to certify employee and childcare provider information.
- Establishes rules for credit calculation and administration.
Who is affected
- For-profit corporations
- Nonprofit corporations
- Employers
- Employees
- West Virginia taxpayers
Notable changes
- Creates a new tax credit specifically for childcare expenses.
- Allows for the transferability of credits to other taxpayers, particularly non-profit organizations.
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