SB 286

This bill makes adjustments to the workforce housing investment and child care investment awards under the business development tax credit. Under current law, a person may claim tax benefits of an amount equal to up to 15 percent of the person’s investment in workforce housing for employees and up to 15 percent of the person’s investment in establishing an employee child care program for employees. Under current law, such investments may only include capital expenditures made by the person. Under the bill, the investments in workforce housing and child care for which a person may receive tax benefits may include contributions made to a third party for building or rehabilitating workforce housing or establishing a child care program, including contributions made to a local revolving loan fund program. The bill also removes the requirement that the workforce housing and child care program for which a person may receive tax benefits for investing in be for employees.