Credit for employer-assisted day care

1. Credit allowed. A taxpayer under this chapter constituting an employing unit is allowed a credit against the tax imposed by this chapter for each taxable year equal to the lowest of: 2. Definitions. As used in this section, unless the context indicates otherwise, the following terms have the following meanings. 3. Carryover; carry back. The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of tax otherwise due under this section. Any unused credit may be carried over to the following year or years for a period not to exceed 15 years or it may be carried back for a period not to exceed 3 years. 4. Quality child care services. The credit allowed under subsection 1 doubles in amount if the day care service provided by the taxpayer constitutes quality child care services. 5. Application. Except for the unused credit carried over pursuant to subsection 3 , a tax credit is not allowed under this section for tax years beginning on or after January 1, 2016.