Committee
Economic and Workforce Development; Finance
Author
David Parker, Jenifer B. Branning, Nicole Boyd
Session
2023 Session
Latest Action
On March 27, SB 2335 died in conference.
Explanation of the Bill
On March 27, SB 2335 died in conference, but the similar language was included in HB 1734’s conference report. The language modifies an existing 50% tax credit that is given to employers who provide dependent care to their employees. With the changes, any employer who provides a $6,000 stipend to a licensed childcare program on behalf of their employee is also eligible for the 50% tax credit.
Previously on March 2, SB 2335 was amended on the House floor. The amendments created an income tax credit for employers who provide dependent care or a childcare stipend of at least $6,000 to their employees. The dependent care and the stipend may only be used during the employee’s work hours. The amendment also increased the amount of the tax credit to 75%.
Under this new amendment, employers will be certified as eligible for the tax credit by the Department of Health for programs serving children under 12 years of age. The Department of Revenue will certify programs serving dependents older than 12.
SB 2335 originally updated an existing 50% income tax credit for employers who provide dependent care. The updates would require employers who wish to receive the tax credit to provide payments on behalf of employees to a licensed or registered entity in the state. The credits could not exceed $3,000.00 per employee per year. The updates also clarify that employers who operate their own facilities must do so within the state to be eligible for the tax credit.
As it exists now, employers could access this tax credit by providing dependent care with an organization or providing that dependent care themselves. This change would specify that the employees and facilities that are covered by the tax credit would reside in Mississippi and be licensed or registered here.
Date | Details |
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1/16/23 | On January 16, SB 2335 was referred to the Senate Economic and Workforce Development Committee and Senate Finance Committee. |
1/24/23 | On January 24, the Senate Economic and Workforce Development Committee passed SB 2335 and transmitted to the Senate Finance Committee. |
2/21/23 | On February 22, SB 2335 passed the Senate. |
2/22/23 | On February 23, SB 2335 was transmitted to the House and referred to the House Ways and Means Committee. |
2/28/23 | On February 28, SB 2335 passed the House Ways and Means Committee. |
3/2/23 | On March 2, SB 2335 was amended on the floor. |
3/3/23 | On March 3, SB 2335 was returned to the Senate for concurrence. |
3/7/23 | On March 7, the Senate declined to concur and invited the House to conference. |
3/17/23 | On March 17, the Senate named Senators David Parker, Nicole Boyd, and Charles Younger as their conferees. |
3/21/23 | On March 21, the House named Representatives Trey Lamar, Jody Steverson, and Brent Powell as their conferees. |
3/22/23 | On March 22, the House named Representatives Trey Lamar, Jody Steverson, and Steve Massengill as their new conferees. |
3/25/23 | On March 25, the Senate and the House filed a conference report. |
3/26/23 | On March 26, SB 2335 was recommitted for further conference. |
3/27/23 | On March 27, SB 2335 died in conference. |