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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 25, 2024 03:47 PM |
|---|---|
| From: | Representative Liz Hanbidge and Rep. Morgan Cephas |
| To: | All House members |
| Subject: | Incentivizing Employer Contributions to Employee Childcare |
| It should come as no surprise bipartisanship results in good policy. Look no further than this year’s increase to the childcare and dependent tax credit. The General Assembly prioritized improving childcare affordability for working families – but the job is not done. It is important to build on that momentum by addressing the impact of the childcare crisis on the workforce. Today’s reality is that the cost of childcare is driving some parents to stay at home with their children, even though they want to continue working. Surveys show that up to 50 percent of mothers have thought about leaving the workforce due to inadequate childcare. One study estimates that the U.S. economy loses as much as $122 billion per year due to parents not being able to work. This crisis has harmed not only families, but also businesses who are looking to hire and retain qualified, motivated workers. To address this growing issue, we will soon introduce legislation to provide a tax deduction for businesses who contribute to employees’ childcare expenses. It is our hope that incentivizing employer contributions to employees’ childcare expenses will not only help employers attract and retain quality candidates who might otherwise not be able to enter the workforce, but also ease the financial burden on parents who genuinely want to work. Please join us in supporting this important workforce initiative. |
Introduced as HB1958