1 New Section; Community Development Finance Authority; Early Childhood Development Tax Credit. Amend RSA 162-L by inserting after section 10 the following new section:

162-L:10-a Early Childhood Development Tax Credit.

I. An early childhood development tax credit equal to 75 percent of the contribution made to the authority during the contributor's tax year shall be allowed against any of the following individually or in combination:

(a) Taxes imposed by RSA 77-A.

(b) Taxes imposed by RSA 400-A.

(c) Taxes imposed by RSA 77-E.

II. Credits provided by this section applied against the liabilities imposed by RSA 400-A and RSA 77-E shall be deemed to be taxes paid for the purpose of RSA 77-A:5, III and X, respectively.

III. The credit or any unused portion thereof may be carried forward for no more than 5 succeeding years, but shall not exceed $1,000,000 in any given tax year.

IV.(a) The credit provided by this section shall be available to contributors on or after contributions for which credit is to be taken are actually received by the authority.

(b) Contributions received by the authority for which credit is to be taken shall not exceed $2,000,000 in any state fiscal year. Contributions under this section are in addition to and separate from contributions under RSA 162-L:10. Contributions received by the authority in excess of $2,000,000 in any state fiscal year shall not be eligible for credit in such fiscal year but may be carried forward to the next succeeding fiscal year or years and shall be given priority in determining the total contributions eligible for credit in such fiscal year.

V. Estimated tax payments under RSA 400-A:32 due and payable after the date of contribution to the authority may be reduced by the credit allowable under this section.

VI. The authority shall dedicate the contributions under this section to investing or lending to nonprofit child day care agencies licensed under RSA 170-E for the construction, renovation, or other capital infrastructure needs of such agencies in providing early childhood development which contributes to the economic well-being of the state.

2 New Paragraph; Business Profits Tax; Early Childhood; Development Tax Credit. Amend RSA 77-A by inserting after paragraph XV the following new paragraph:

XVI. The early childhood development tax credit as computed in RSA 162-L:10-a.

3 Applicability. The tax credits in section 2 of this act shall apply to tax years beginning on and after January 1, 2019.

4 Effective Date. This act shall take effect July 1, 2018.

1 New Section; Community Development Finance Authority; Early Childhood Development Tax Credit. Amend RSA 162-L by inserting after section 10 the following new section:

162-L:10-a Early Childhood Development Tax Credit.

I. An early childhood development tax credit equal to 75 percent of the contribution made to the authority during the contributor's tax year shall be allowed against any of the following individually or in combination:

(a) Taxes imposed by RSA 77-A.

(b) Taxes imposed by RSA 400-A.

(c) Taxes imposed by RSA 77-E.

II. Credits provided by this section applied against the liabilities imposed by RSA 400-A and RSA 77-E shall be deemed to be taxes paid for the purpose of RSA 77-A:5, III and X, respectively.

III. The credit or any unused portion thereof may be carried forward for no more than 5 succeeding years, but shall not exceed $1,000,000 in any given tax year.

IV.(a) The credit provided by this section shall be available to contributors on or after contributions for which credit is to be taken are actually received by the authority.

(b) Contributions received by the authority for which credit is to be taken shall not exceed $2,000,000 in any state fiscal year. Contributions under this section are in addition to and separate from contributions under RSA 162-L:10. Contributions received by the authority in excess of $2,000,000 in any state fiscal year shall not be eligible for credit in such fiscal year but may be carried forward to the next succeeding fiscal year or years and shall be given priority in determining the total contributions eligible for credit in such fiscal year.

V. Estimated tax payments under RSA 400-A:32 due and payable after the date of contribution to the authority may be reduced by the credit allowable under this section.

VI. The authority shall dedicate the contributions under this section to investing or lending to nonprofit child day care agencies licensed under RSA 170-E for the construction, renovation, or other capital infrastructure needs of such agencies in providing early childhood development which contributes to the economic well-being of the state.

2 New Paragraph; Business Profits Tax; Early Childhood; Development Tax Credit. Amend RSA 77-A by inserting after paragraph XV the following new paragraph:

XVI. The early childhood development tax credit as computed in RSA 162-L:10-a.

3 Applicability. The tax credits in section 2 of this act shall apply to tax years beginning on and after January 1, 2019.

4 Effective Date. This act shall take effect July 1, 2018.