(Joplin, MO) — The Joplin Area Chamber of Commerce’s Board has approved a resolution in support of the Missouri State Chamber’s efforts to address childcare issues that are hindering the state’s workforce capacity. The Joplin Area Chamber of Commerce’s Board approved the resolution in favor of HB 1488 and SB 742, because it aligns with our mission to support business and economic strength.
The proposed bill, currently making its way through the Missouri House and Senate, focuses on three key elements:
- Childcare Contribution Tax Credit: Businesses, charitable organizations, and individuals would receive a 75% tax credit on contributions made to licensed or registered childcare providers. This incentivizes investment in the childcare infrastructure, which is crucial for supporting working parents.
- Employer-Provided Childcare Assistance Tax Credit: Employers offering on-site or off-premises childcare for employees would receive a 30% tax credit on eligible expenditures. This provision aims to alleviate the childcare burden on working families and promote a healthy work-life balance.
- Childcare Providers Tax Credit: Childcare facilities would benefit from a credit on payroll tax withholdings for employees, along with a 30% tax credit on eligible capital improvements. This incentivizes the enhancement of childcare facilities, ensuring safe and conducive environments for children.
The Missouri State Chamber’s initiative seeks to address the critical need for accessible and affordable childcare, which directly impacts workforce participation and economic productivity.
“We recognize that a thriving economy relies on a strong workforce. Supporting the Missouri State Chamber’s Childcare Initiative is an investment in our business community’s future. By addressing childcare challenges, we can unlock the full potential of our workforce, promote employee retention, and foster a vibrant economy for generations to come.” says Kim Cox, Chair of the Chamber Board.
For more information on the Missouri State Chamber’s Childcare Tax Credit Package and its progress in the Senate, please click here.
Reference:
Erin Slifka, Director of Sales & Marketing
Joplin Area Chamber of Commerce
417.624.4150
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