SB 621
Providing tax credit to corporations for existing employer-provided child care facilities
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes a tax credit for West Virginia corporations that currently offer child care facilities to their employees. The credit would be based on the expenses incurred to operate these existing facilities, with certain limitations and requirements for qualification. It also allows for a transferable credit to be offered to non-profit corporations operating similar facilities.
Key provisions
- A tax credit is available to corporations for operating existing employer-provided or employer-sponsored child care facilities.
- The credit is equal to 100% of operating expenses, minus employee contributions.
- The credit cannot exceed 100% of the corporation’s income tax liability.
- Credits can be carried forward for up to five years.
- Employers must certify employee and child care provider information.
- Qualified child-care property must primarily benefit employees of the taxpayer or affiliated corporations.
- Non-profit corporations can receive transferable credits.
- The Tax Commissioner can create rules to implement the bill.
Who is affected
- Corporations operating in West Virginia
- Employees of corporations providing child care
- Non-profit corporations providing child care
- The West Virginia State Tax Department
Notable changes
- Creates a new tax credit specifically for existing employer-provided child care facilities.
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