Businesses that want to help their employees out with the cost of childcare can now start applying for tax credits.
If a business opens a childcare facility on site for its employees, a new law signed earlier this year will provide tax credits for each employee up to $3,600 and a separate tax credit to cover 50% of the startup costs.
A business that helps offset the cost for its employees at a facility within the community can also receive tax credits. The bigger the business, the higher the overall credit allowed.
The state set aside about $5 million each year for the next three years for these tax credits, but it’s not guaranteed after that—essentially, it’s use it or lose it.
"The cap across the board this year is $5 million, which isn’t a ton of money, but I think the goal was to get the program started and then maybe address issues after that," said Carolyn Johnson, Vice President of Government Affairs at the Florida Chamber of Commerce.
For 23 years, the Sunshine State had a child tax credit for business, from 1985 to 2008.
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