1 New Paragraph; Business Profits Tax; Child Care Credit. Amend RSA 77-A:5 by inserting after paragraph XVI the following new paragraph:

XVII. There shall be allowed a child care tax credit applied to an employer's tax imposed pursuant to this chapter for qualified expenditures made during the taxable year, as follows:

(a) Taxpayer expenditures must be documented and made on behalf of their employee while they were employed during the taxable year.

(b) Taxpayer expenditures must be documented and made directly to a state licensed child care facility or state licensed prekindergarten.

(c) The employee for whom the expenditure is made must be eligible for tuition assistance pursuant to the New Hampshire child care scholarship program; and the employee must earn between 100 percent and 350 percent of the federal poverty guidelines.

(d) The credit shall not exceed $100,000 for any taxpayer in any taxable year.

(e) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.

(f) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years.

(g) Taxpayers shall apply for this tax credit on forms provided by the commissioner and shall be accompanied by information or records required by the commissioner. Such application shall be filed no later than June 30 following the tax year during which research and development occurred.

(h) A determination on the final amount of the credit awarded by the commissioner to each taxpayer claiming the credit shall be made no later than September 30 of each year.

(i) The commissioner shall adopt rules, pursuant to RSA 541-A, relative to administration of the child care tax credit established under this paragraph, including:

(1) Verification of employment.

(2) Verification of payment by the taxpayer.

(3) Verification that the child care facility and or prekindergarten was duly licensed.

(4) Filing and record keeping requirements.

2 Business Enterprise Tax; Granite State Paid Family Leave Plan Tax Credit; Extensions. Amend RSA 77-E:3-e to read as follows:

77-E:3-e Granite State Paid Family Leave Plan Tax Credit.

There shall be a tax credit allowed against the tax due under this chapter in an amount equal to 50 percent of the premium paid by a sponsoring employer for family and medical leave insurance coverage offered to employees pursuant to RSA 21-I:103 for the taxable period in which the premium is paid.

3 New Section; Business Enterprise Tax; Child Care Tax Credit. Amend RSA 77-E by inserting after section 3-e the following new section:

77-E:3-f Child Care Tax Credit. The child care tax credit as computed in RSA 77-A:5, XVII shall be allowed against the tax due under this chapter.

4 Applicability. This act shall apply to taxable periods ending on or after December 31, 2025.

5 Effective Date. This act shall take effect July 1, 2024.

1 New Paragraph; Business Profits Tax; Child Care Credit. Amend RSA 77-A:5 by inserting after paragraph XVI the following new paragraph:

XVII. There shall be allowed a child care tax credit applied to an employer's tax imposed pursuant to this chapter for qualified expenditures made during the taxable year, as follows:

(a) Taxpayer expenditures must be documented and made on behalf of their employee while they were employed during the taxable year.

(b) Taxpayer expenditures must be documented and made directly to a state licensed child care facility or state licensed prekindergarten.

(c) The employee for whom the expenditure is made must be eligible for tuition assistance pursuant to the New Hampshire child care scholarship program; and the employee must earn between 100 percent and 350 percent of the federal poverty guidelines.

(d) The credit shall not exceed $100,000 for any taxpayer in any taxable year.

(e) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.

(f) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years.

(g) Taxpayers shall apply for this tax credit on forms provided by the commissioner and shall be accompanied by information or records required by the commissioner. Such application shall be filed no later than June 30 following the tax year during which research and development occurred.

(h) A determination on the final amount of the credit awarded by the commissioner to each taxpayer claiming the credit shall be made no later than September 30 of each year.

(i) The commissioner shall adopt rules, pursuant to RSA 541-A, relative to administration of the child care tax credit established under this paragraph, including:

(1) Verification of employment.

(2) Verification of payment by the taxpayer.

(3) Verification that the child care facility and or prekindergarten was duly licensed.

(4) Filing and record keeping requirements.

2 Business Enterprise Tax; Granite State Paid Family Leave Plan Tax Credit; Extensions. Amend RSA 77-E:3-e to read as follows:

77-E:3-e Granite State Paid Family Leave Plan Tax Credit.

There shall be a tax credit allowed against the tax due under this chapter in an amount equal to 50 percent of the premium paid and expenditures for maternity or paternity leave greater than 12 weeks by a sponsoring employer for family and medical leave insurance coverage offered to employees pursuant to RSA 21-I:103 for the taxable period in which the premium is paid.

3 New Section; Business Enterprise Tax; Child Care Tax Credit. Amend RSA 77-E by inserting after section 3-e the following new section:

77-E:3-f Child Care Tax Credit. The child care tax credit as computed in RSA 77-A:5, XVII shall be allowed against the tax due under this chapter.

4 Applicability. This act shall apply to taxable periods ending on or after December 31, 2025.

5 Effective Date. This act shall take effect July 1, 2024.