HB 17-1002

House Bill 17-1002 extends a state income tax credit for families who need help with child care expenses. This means that if you earn $25,000 or less and pay for child care, you can get up to $500 back from the state if you have one dependent, or up to $1,000 if you have two or more dependents. The bill makes this tax credit available for three additional years beyond what was originally planned. Since it has been signed into law, families who qualify will be able to claim this credit starting in the next tax year.

Official Summary

For the 3 income tax years prior to January 1, 2017, a residential individual who has a federal adjusted gross income of $25,000 or less may claim a refundable state income tax credit for child care expenses. The tax credit is equal to 25% of eligible child care expenses that the individual incurred during the taxable year, up to a maximum amount of $500 for a single dependent or $1,000 for 2 or more dependents. The bill extends the tax credit for 3 more income tax years. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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