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Contact Us: 18 North Norwood Tulsa, OK 74115
918.834.2273 918.834.9339 (fax)
Office Hours: 8:30 am - 5:00 pm Thursday till 8:00 pm Saturdays 9:00 a.m.-2:00 p.m. E-mail: Info@ccrctulsa.org
CCRC is a program of the Community Service Council of Greater Tulsa
A funded program of the Tulsa Area United Way
And the Oklahoma Child Care Resource and Referral Association
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CHILD CARE TAX CREDIT Oklahoma employers may claim a 20% credit on their tax return for eligible child care expenses. This credit is in lieu of a deduction from taxable income. Employers who construct, renovate, or expand a child care center, purchase equipment for a center, or maintain and operate a center may claim up to $50,000 in expenses. Employers may claim up to $3,100 for expenses for each child for whom the employer pays for child care services to support employees. Services must be provided at a program licensed by the Department of Human Services with a quality rating of two stars or higher at either a child care center or family child care home. Purchasing child care slots actually provided or reserved for children of employees also qualify for the tax credit for up to $50,000 in expenses. Employers may claim for tax credit up to $5,000 in fees and grants to child care resource and referral services. Any credits allowed but not used in any tax year may be carried over in order to each of the four tax years following the year of qualification. Businesses are encouraged to consult their tax advisor for assistance applying the Oklahoma child care tax credit to determine eligible expenses and the claim amount for 2002. Examples: Employer A Pays $2,500 for child care services for 11 children of employees. Total cost = $27,500 Total tax credit = $5,500
Employer B Pays $4,500 for child care resource and referral services for all employees Total cost = $4,500 Total tax credit = $900
Employer C Pays $75,000 to renovate and equip space in the employer’s facility to provide child care for employees Total cost = $75,000 Maximum eligible expenses = $50,000 Total tax credit = $10,000
CREDIT: Oklahoma Child Care Resource and Referral Association, 2003 |
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Last modified: May 04, 2008 |
