loading…
loading…
(a) Definitions.
In this subsection: 1. “Claimant” means an individual who is eligible for and claims the federal child and dependent care tax credit for the taxable year to which the claim under this subsection relates. 2. “Federal child and dependent care tax credit” means the tax credit under section 21 of the Internal Revenue Code.
“Claimant” means an individual who is eligible for and claims the federal child and dependent care tax credit for the taxable year to which the claim under this subsection relates.
“Federal child and dependent care tax credit” means the tax credit under section 21 of the Internal Revenue Code.
1. For taxable years beginning after December 31, 2021, and before January 1, 2024, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 50 percent of the federal child and dependent care tax credit claimed by the claimant on his or her federal income tax return for the taxable year to which the claim under this subsection relates. 2. For taxable years beginning after December 31, 2023, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 100 percent of the federal child and dependent care tax credit that the claimant may claim on his or her federal income tax return for the taxable year to which the claim under this subsection relates using the expense limitation under par. (c) 5. rather than the expense limitation under 26 USC 21 (c).
For taxable years beginning after December 31, 2021, and before January 1, 2024, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 50 percent of the federal child and dependent care tax credit claimed by the claimant on his or her federal income tax return for the taxable year to which the claim under this subsection relates.
For taxable years beginning after December 31, 2023, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 100 percent of the federal child and dependent care tax credit that the claimant may claim on his or her federal income tax return for the taxable year to which the claim under this subsection relates using the expense limitation under par. (c) 5. rather than the expense limitation under 26 USC 21 (c).
1. No credit may be allowed under this subsection unless it is claimed within the period under s. 71.75 (2). 2. No credit may be allowed under this subsection for a taxable year covering a period of less than 12 months, except for a taxable year closed by reason of the death of the claimant. 3. The credit under this subsection cannot be claimed by a part-year resident or a nonresident of this state. 4. A claimant who claims the credit under this subsection is subject to the special rules in 26 USC 21 (e) (2) and (4). 5. Notwithstanding 26 USC 21 (c), for taxable years beginning after December 31, 2023, the maximum allowable expenses to determine the amount of the credit under par. (b) 2. is $10,000 for one qualifying individual, as defined in 26 USC 21 (b), and $20,000 for 2 or more qualifying individuals, as defined in 26 USC 21 (b).
No credit may be allowed under this subsection unless it is claimed within the period under s. 71.75 (2).
No credit may be allowed under this subsection for a taxable year covering a period of less than 12 months, except for a taxable year closed by reason of the death of the claimant.
The credit under this subsection cannot be claimed by a part-year resident or a nonresident of this state.
A claimant who claims the credit under this subsection is subject to the special rules in 26 USC 21 (e) (2) and (4).
Notwithstanding 26 USC 21 (c), for taxable years beginning after December 31, 2023, the maximum allowable expenses to determine the amount of the credit under par. (b) 2. is $10,000 for one qualifying individual, as defined in 26 USC 21 (b), and $20,000 for 2 or more qualifying individuals, as defined in 26 USC 21 (b).