Maryland Senate passes legislation to award millions of dollars in tax credits for child care
Maryland’s state Senate on Monday night unanimously passed legislation to greatly expand the number of residents who can receive tax credits to help pay for child care.
The Senate voted 47-0 in favor of Montgomery County Sen. Nancy King’s legislation that would provide millions of dollars more in tax credits for child and dependent care costs. A financial analysis found the bill would cost $17.5 million in fiscal year 2020 and $20 million in fiscal year 2024.
In tax year 2017, about 22,700 taxpayers who make less than $50,000 annually claimed about $3.4 million in tax credits for child care costs under existing law.
King’s bill would allow those Marylanders to claim more in credits, while expanding the credits to residents who make more than $50,000 but less than $141,000. That expands the number of Marylanders eligible for the tax credits to about 114,200 taxpayers, according to a fiscal note.
Read more: https://www.baltimoresun.com/news/maryland/politics/bs-md-senate-child-care-20190312-story.html