,,ii #aah? ,,congress #b;d ,session ,s4 #cghg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #h 7legislative day1 ,febru>y #g71 #bjbd,mrs4 ,%ahe5 7= h]self1 ,mr4 ,k+1 ,ms4 ,klobu*>1 & ,mrs4 ,gillibr&7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to increase ! cr$it = employ]s e/abli%+ workplace *ild c>e facilities1 to increase ! *ild c>e cr$it to enc\rage great] use ( quality *ild c>e s]vices1 to provide inc5tives = /ud5ts to e>n *ild c>e-relat$ degrees & to "w 9 *ild c>e facilities1 & to increase ! exclusion = employ]-provid$ dep5d5t c>e assi/ance4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,"r ,/>t ,*ild ,c>e & ,education ,act ( #bjbd4 #b4 ,increase 9 employ]-provid$ *ild c>e cr$it 7a7 ,increase 9 cr$itable p]c5tage ( *ild c>e exp5ditures ,p>agraph 7#a7 ( section #de;,f7a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #be p]c5t & ins]t+ #ej p]c5t4 7b7 ,increase 9 cr$itable p]c5tage ( res\rce & ref]ral exp5ditures ,p>agraph 7#b7 ( section #de;,f7a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #aj p]c5t & ins]t+ #bj p]c5t4 7c7 ,increase 9 maximum cr$it ,subsection 7b7 ( section #de;,f ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #aej1jjj & ins]t+ #ejj1jjj4 7d7 ,special rule = small bus9esses ,section #de;,f7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,small bus9esses 7,a7 ,9 g5]al ,9 ! case ( a taxpay] describ$ 9 subp>agraph 7,b7-- 7i7 subsection 7a77#a7 %all be appli$ by sub/itut+ #fj p]c5t = #ej p]c5t1 & 7ii7 subsection 7b7 %all be appli$ by sub/itut+ #fjj1jjj = #ejj1jjj4 7,b7 ,taxpay] describ$ ,a taxpay] describ$ 9 ?is subp>agraph is a taxpay] t meets ! gross receipts te/ ( section #ddh7;c71 det]m9$-- 7i7 by sub/itut+ #e-taxable-ye> = #c-taxable-ye> 9 p>agraph 7#a7 !re(1 & 7ii7 by sub/itut+ #e-ye> = #c-ye> ea* place su* t]m appe>s 9 p>agraph 7#c77;,a7 !re(4 4 7e7 ,treatm5t ( jo9tly own$ or op]at$ *ildc>e facility ,section #de;,f7c77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,jo9tly own$ or op]at$ *ildc>e facility ,= purposes ( subp>agraph 7,a77i77,i71 a facility %all n fail to be treat$ z a qualifi$ *ildc>e facility ( ! taxpay] m]ely because su* facility is jo9tly own$ or op]at$ by ! taxpay] & o!r p]sons4 4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #c4 #c-ye> cr$it = individuals hold+ *ild c>e-relat$ degrees :o "w 9 lic5s$ *ild c>e facilities 7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #cf;,b ! foll[+ new section3 #cf;,c4 ,"r />t *ild c>e & education cr$it 7a7 ,9 g5]al ,9 ! case ( an individual :o is an eligible *ild c>e provid] = ! taxable ye>1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> ! am\nt (-- 7#a7 #d1jjj1 9 ! case ( an eligible *ild c>e provid] ) a degree describ$ 9 subsection 7c77#a77;,a77i71 & 7#b7 #b1ejj1 9 any o!r case4 7b7 #c-,ye> cr$it 7#a7 ,9 g5]al ,! cr$it all[able by subsection 7a7 = any taxable ye> to an individual %all be all[$ = su* ye> only if ! individual elects ! application ( ?is section = su* ye>4 7#b7 ,election ,an election to h ?is section apply may n be made by an individual = any taxable ye> if su* an election by su* individual is 9 effect = any #c prior taxable ye>s4 7c7 ,eligible *ild c>e provid] ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m eligible *ild c>e provid] means1 = any taxable ye>1 any individual if-- 7,a7 z ( ! close ( su* taxable ye>1 su* individual holds-- 7i7 a ba*elor's degree1 or 7ii7 an associate's degree1 9 e>ly *ildhood education1 *ild c>e1 or a relat$ degree1 & su* degree 0 aw>d$ by an eligible educational in/itution 7z def9$ 9 section #be;,a7f77#b771 & 7,b7 dur+ su* taxable ye>1 su* individual p]=ms at lea/ #a1bjj h\rs ( *ild c>e s]vices at a facility if-- 7i7 ! pr9cipal use ( ! facility is to provide *ild c>e s]vices1 7ii7 no m ?an #be p]c5t ( ! *ildr5 receiv+ *ild c>e s]vices at ! facility are *ildr5 7z def9$ 9 section #aeb7;f77 ( ! individual or su* individual's sp\se1 & 7iii7 ! facility meets ! requirem5ts ( all applicable laws & regulations ( ! ,/ate or local gov]nm5t 9 :i* x is locat$1 includ+ ! lic5s+ ( ! facility z a *ild c>e facility4 ,subp>agraph 7,b77i7 %all n apply to a facility :i* is ! pr9cipal resid5ce 7)9 ! mean+ ( section #aba7 ( ! op]ator ( ! facility4 7#b7 ,*ild c>e s]vices ,! t]m *ild c>e s]vices means *ild c>e & e>ly *ildhood education4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 #cf;,c aft] #cf;,b4 7#b7 ,p>agraph 7#b7 ( section #acbd7;b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 1 #cf;,c aft] #cf;,b4 7c7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,"r />t *ild c>e & education cr$it4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #d4 ,increase 9 exclusion = employ]-provid$ dep5d5t c>e assi/ance 7a7 ,9 g5]al ,section #abi7;a77#b77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #e1jjj 7#b1ejj & ins]t+ ! applicable limitation am\nt 7half su* am\nt4 7b7 ,con=m+ am5dm5t ,section #abi7;a77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subp>agraph 7,d7 & by ins]t+ aft] subp>agraph 7,c7 ! foll[+ new subp>agraph3 7,d7 ,applicable limitation am\nt ,= purposes ( ?is p>agraph1 ! t]m applicable limitation am\nt means ! am\nt t is ! sum (-- 7i7 #aj1jjj1 & 7ii7 #b1jjj = ea* individual describ$ 9 subp>agraph 7,a7 or 7,b7 ( section #ba7;b77#a7 ) respect to ! taxpay]4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4