MISSISSIPPIAdopted LEGISLATURECOMMITTEE REGULARAMENDMENT SESSIONNO 20231 By:PROPOSED TO Senate Bill No.

Senator(s)2335 Parker,BY: Branning, Boyd To:

EconomicCommittee Amend by striking all after the enacting clause and Workforceinserting Development;in lieu thereof the following:

Finance SENATE BILL NO.

2335 AN ACT TO AMEND SECTION 57-73-23, MISSISSIPPI CODE OF 1972, TO ALLOW AN INCOME TAX CREDIT FOR AN EMPLOYER MAKING DIRECT PAYMENTS TO A LICENSED OR REGISTERED ENTITY FOR DEPENDENT CARE IN THE NAME OF AND FOR THE BENEFIT OF AN EMPLOYEE RESIDING IN MISSISSIPPI;

TO SPECIFY THAT, IN THE CASE OF DEPENDENT CARE FACILITIES OPERATED BY AN EMPLOYER OR CONTRACTING WITH AN EMPLOYER, THE EXISTING CREDIT APPLIES WHEN THOSE FACILITIES ARE LOCATED IN THE STATE OF MISSISSIPPI;

AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

or, if the employer elects to provide dependent care itself, to expenses of dependent care staff, learning and recreational materials and equipment, and the 23/HR43/SB2335A.J *HR43/SB2335A.J* P(BS/EW) construction and maintenance of a facility in the State of Mississippi;

or to the cost of any direct payment to a licensed or S.registered entity, in the name of and for the benefit of an employee residing in the State of Mississippi, for the sake of providing dependent care to the employee's children during the employee's working hours.

B.

No.

2335 *SS08/R426.1* ~ OFFICIAL ~ R3/5 23/SS08/R426.1 PAGE 1 (icj\kr) registered entity, in the name of and for the benefit of an employee residing in the State of Mississippi, for the sake of providing dependent care to the employee's children during the employee's working hours.

Where direct payments are made to a licensed or registered entity to provide dependent care for children of employees, employers must retain information concerning the licensed or registered entity's federal identification number and license or registration number, together with the payment amounts and the 23/HR43/SB2335A.J *HR43/SB2335A.J* P(BS/EW) name of the person in whose name and for whose benefit the payments were made.

S.Credit may be carried forward for the five (5) successive years if the amount allowable as credit exceeds income tax liability in a tax year;

B.

No.

2335 *SS08/R426.1* ~ OFFICIAL ~ 23/SS08/R426.1 PAGE 2(icj\kr) Credit may be carried forward for the five (5) successive years if the amount allowable as credit exceeds income tax liability in a tax year;

23/HR43/SB2335A.J *HR43/SB2335A.J* P(BS/EW) Employers will be certified as eligible for the tax credit by the Mississippi Department of * * * Revenue.

S.SECTION 2.

B.This act shall take effect and be in force from and after July 1, 2023, and shall stand repealed on June 30, 2023.

No.Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

2335AN *SS08/R426.1*ACT ~TO OFFICIALAMEND ~SECTION 23/SS08/R426.157-73-23, PAGEMISSISSIPPI 3(icj\kr)CODE SECTIONOF 2.1972, TO ALLOW AN INCOME TAX CREDIT FOR AN EMPLOYER MAKING DIRECT PAYMENTS TO A LICENSED OR REGISTERED ENTITY FOR DEPENDENT CARE IN THE NAME OF AND FOR THE BENEFIT OF AN EMPLOYEE RESIDING IN MISSISSIPPI;

ThisTO actSPECIFY shallTHAT, takeIN effectTHE andCASE beOF inDEPENDENT forceCARE fromFACILITIES andOPERATED afterBY JulyAN 1,EMPLOYER 2023.OR CONTRACTING WITH AN EMPLOYER, THE EXISTING CREDIT APPLIES WHEN THOSE FACILITIES ARE LOCATED IN THE STATE OF MISSISSIPPI;

S.AND FOR RELATED PURPOSES.

B.PAGE 43/SB2335A.J *HR43/SB2335A.J* (BS/EW)

No.

2335 *SS08/R426.1* ~ OFFICIAL ~ 23/SS08/R426.1 ST:

Income tax credit;

allow for employer PAGE 4 (icj\kr) making direct payments to entity for dependent care on behalf of employee.