Mississippi Senate Bill SB2898

Mississippi 2023 Regular Session

• Introduced: 1/25/23
• Refer: 1/25/23
• Failed: 2/22/23

Caption

Income tax; authorize credits for certain child care expenses and for Pre-K providers for care of certain children.

Impact

If enacted, SB2898 will impact state law by enhancing the tax benefits available to families with young children who seek prekindergarten care. By allowing tax credits for expenses related to child care, the bill aims to alleviate financial burdens on parents and promote early childhood education. The implementation of this bill could lead to an increased enrollment in prekindergarten programs as families take advantage of these new tax incentives, potentially resulting in a need for more funding and resources in the educational system.

Summary

Senate Bill 2898 aims to provide financial relief to taxpayers by authorizing income tax credits for child care expenses paid to prekindergarten providers that participate in the Early Learning Collaborative Act of 2013. Specifically, the bill allows taxpayers to claim a credit equal to the expenses incurred for child care for their children. Furthermore, it includes provisions that also grant tax credits to prekindergarten providers based on the average monthly attendance of children enrolled in their programs, facilitating additional funding for these educational institutions.

Contention

There may be notable points of contention surrounding SB2898 related to the fiscal implications of the tax credits involved. Critics could argue that the bill might negatively impact state revenue, depending on the take-up rate of the tax credits. Additionally, there may be discussions on whether the criteria for participating prekindergarten providers are adequate to ensure quality care and education for children. Advocates for early childhood education may support the bill for its potential to increase accessibility and funding in this vital area.