One issue that has lead many to put off re-entering the workforce from the pandemic fallout is the cost and difficulty in terms of finding affordable and quality childcare. The SBAC has determined it is such a significant issue that it has been added to our agenda for the 2022 Spring Session.
The childcare tax credit will provide working families resources to offset the costs associated with childcare. To be eligible, households must jointly earn an annual income below $75,000 and have at least one child under the age of 17. Taxpayers that file individually must earn less than $45,000 and have one child under the age of 17.
Under this program, taxpayers shall receive a $1500 tax credit for the first child under age 17. An additional $500 will be allocated to each additional child under the age of 17 with a max payment of $2500 per family. This credit is intended to be used to offset the costs associated with childcare.
The program will be capped at $100,000,000 absent further appropriations. This tax credit will sunset in 2025 unless extended by the legislature.
Program Details:
- Tax credits for eligible working families to offset the costs of childcare
- Eligible families must earn:
- $75,000 or less filing jointly
- $45,000 or less filing individually
- Eligible families must also have at least one child under the age of 17
- Tax credit of $1500 for the first child under age 17
- $500 increase for each additional child under age 17
- The maximum allowable tax credit per family is $2500
- Program capped at $100,000,000
- Program to sunset in 2025
- Eligible families must earn:
THE TRACTION GROUP
The Traction Group is a team of Chicago-area certified EOS Implementers. We have been professionally trained by EOS Worldwide and maintain the highest standard of knowledge and expertise in EOS implementation. We will provide you with proven tools and processes to get the growth, success, and freedom that you want. Based on the best-selling book, Traction:…
UPS
Being a “small business” has never stopped you from having big ideas. But having fewer employees can mean it’s tough finding time to get everything done. So when your productivity is on the line, count on logistics. UPS provides technologies that create time-savers, allowing you to build shortcuts in standard processes. UPS’s reliable shipping and…
VERITY, INC
The Verity Group is a hybrid consultancy that provides technology and support services to law firms and corporations. We specialize in blending Information Technology with best practices in e-Discovery, paper discovery, knowledge management, and document review. As a legal service provider, we provide a seamless end-to-end solution to the discovery lifecycle. To become a trusted…
