Advancing Child Tax Benefit in Missouri: Legislative Progress
Child Tax Benefit: House Bill 1488
Legislative efforts to move a bill towards increasing Missourians’ access to child care continued on Thursday in Jefferson City. The Senate Government Accountability Committee approved House Bill 1488, which suggests tax incentives for families, child care providers, and employers who pay for child care.
A tax credit equivalent to 75% of an individual’s yearly contribution to child care providers would be available to them, with a ceiling of $200,000 and a minimum investment of $100. A 30% tax credit was also available to employers who paid for part of their workers’ child care costs.
By providing incentives for investments in child care facilities, the measure aims to solve the problem of “child care deserts”. The importance of child care provision for family affordability and workforce participation was underlined in the testimony.
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Bipartisan Support for Addressing Missouri’s Child Care Shortage
The plan, which has the support of Governor Mike Parson and bipartisan support, intends to address Missouri’s child care shortage. Although earlier attempts to address this issue have encountered difficulties, proponents of the law are nevertheless upbeat about the likelihood that it will have a significant influence.
The bipartisan nature of the law was emphasized in the testimony given at the Thursday session, as there was no dissent expressed. Proponents stressed how crucial access to child care is for both economic growth and labor participation.
During her testimony in favor of the measure, Alyssa Anne Morrow highlighted the substantial financial strain that many families endure by sharing her own experiences paying for child care.
Efforts to address the child care shortage in Missouri have faced obstacles in the past, with previous legislation failing to pass. However, with bipartisan support and a sense of urgency, advocates hope that House Bill 1488 will succeed in expanding access to child care across the state.