(1)As used in this section:
(1)(a) (1)(a)(i) "Qualified child care expenditure" means an amount paid or incurred for the operating costs of a qualified child care facility of the employer, whether the employer operates the qualified child care facility or contracts with a third party provider to provide child care services at the qualified child care facility.
(1)(a)(ii) "Qualified child care expenditure" includes costs related to training employees and providing increased compensation to employees with higher levels of child care training.
(1)(b) "Qualified child care facility" means center based child care as that term is defined in Section 26B-2-401 that is located in the state.
(1)(c) "Qualified construction expenditure" means an amount paid or incurred to acquire, construct, rehabili
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(1) As used in this section:
(1)(a) (1)(a)(i) "Qualified child care expenditure" means an amount paid or incurred for the operating costs of a qualified child care facility of the employer, whether the employer operates the qualified child care facility or contracts with a third party provider to provide child care services at the qualified child care facility.
(1)(a)(ii) "Qualified child care expenditure" includes costs related to training employees and providing increased compensation to employees with higher levels of child care training.
(1)(b) "Qualified child care facility" means center based child care as that term is defined in Section 26B-2-401 that is located in the state.
(1)(c) "Qualified construction expenditure" means an amount paid or incurred to acquire, construct, rehabilitate, or expand property:
(1)(c)(i) for a qualified child care facility of the employer; and
(1)(c)(ii) with respect to which the employer is allowed a deduction for depreciation, or amortization in lieu of depreciation.
(1)(d) "Qualifying taxpayer" means a taxpayer that:
(1)(d)(i) is an employer; and
(1)(d)(ii) qualifies for and claims the federal employer-provided child care tax credit described in Section 45F, Internal Revenue Code, for the current taxable year.
(1)(e) "Recapture event" means an employer fails to operate a qualified child care facility for which the employer claims a tax credit under this section as a child care facility for at least five consecutive taxable years after the taxable year on which the employer first claims a tax credit under this section.
(1)(f) "Third party provider" means:
(1)(f)(i) a new child care provider; or
(1)(f)(ii) an existing child care provider that can perform the contract without reducing the provider's existing child care services.
(2) (2)(a) A qualifying taxpayer may claim a nonrefundable tax credit equal to 20% of the qualified construction expenditures the qualifying taxpayer incurred during the taxable year.
(2)(b) A qualifying taxpayer may carry forward, to the next five taxable years, the amount of the qualifying taxpayer's tax credit described in this Subsection (2) that exceeds the qualifying taxpayer's income tax liability for the taxable year.
(3) (3)(a) (3)(a)(i) Subject to Subsection (3)(a)(ii), a qualifying taxpayer may claim a nonrefundable tax credit equal to 10% of the qualified child care expenditures the qualifying taxpayer incurred during the taxable year.
(3)(a)(ii) A qualifying taxpayer may claim a tax credit under this Subsection (3) for qualified child care expenditures only if the qualifying taxpayer claims a tax credit under Subsection (2) for the current taxable year or a previous taxable year.
(3)(b) A qualifying taxpayer may not carry forward or carry back the tax credit described in this Subsection (3) that exceeds the qualifying taxpayer's income tax liability for the taxable year.
(4) (4)(a) (4)(a)(i) If a recapture event happens within two taxable years after the first taxable year in which the qualifying taxpayer claims a tax credit under this section, a qualifying taxpayer shall repay 100% of the tax credit a qualifying taxpayer receives under this section for any taxable year.
(4)(a)(ii) If a recapture event happens more than two taxable years but fewer than three taxable years after the first taxable year in which the qualifying taxpayer claims a tax credit under this section, a qualifying taxpayer shall repay 75% of the tax credit a qualifying taxpayer receives under this section for any taxable year.
(4)(a)(iii) If a recapture event happens more than three taxable years but fewer than four taxable years after the first taxable year in which the qualifying taxpayer claims a tax credit under this section, a qualifying taxpayer shall repay 50% of the tax credit a qualifying taxpayer receives under this section for any taxable year.
(4)(a)(iv) If a recapture event happens more than four taxable years but fewer than five taxable years after the first taxable year in which the qualifying taxpayer claims a tax credit under this section, a qualifying taxpayer shall repay 25% of the tax credit a qualifying taxpayer receives under this section for any taxable year.
(4)(b) A qualifying taxpayer shall make a payment for a recapture event for the taxable year in which the recapture event occurs.