Child care and education provider; income tax credit; application; contents; approval; distribution

(1) A child care and education provider whose eligible program provides services to children who participate in the child care subsidy program established pursuant to section 68-1202 may apply to the department to receive a nonrefundable tax credit against the income tax imposed by the Nebraska Revenue Act of 1967.

(2) The nonrefundable credit provided in this section shall be an amount equal to the average monthly number of children described in subsection (1) of this section who are attending the child care and education provider's eligible program, multiplied by an amount based upon the quality scale rating of such eligible program as follows: Quality Scale Rating of Eligible Program Tax Credit Per Child Attending Eligible Program Step Five $1,200 Step Four $1,000 Step Three $800 Step Two $600 Step One $400

(3) A child care and education provider shall apply for the credit provided in this section by submitting an application to the department with the following information: