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Gov. Evers signs child care tax credit bill
Gov. Tony Evers signed a Republican-authored bill that dramatically expands the state child care tax credit.
MADISON, Wis. - Wisconsin families could soon be saving money on child care.
Gov. Tony Evers signed a Republican-authored bill Monday, March 4 that dramatically expands the state child care tax credit, days after vetoing three other GOP bills that would have delivered $800 million in tax cuts.
The bipartisan bill aims to save families money when it comes to child care costs for the 2024 tax year. It expands what is already in place.
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Most parents know the struggles that often come with the high costs of child care. Monday, leaders announced a plan to build more cash in your wallet.
Evers signed the bill at a Waukesha charter school, targeting taxpayers with kids.
"To put it simply, the cost of child care in this state is too high, period," Evers said.
The Republican-authored bill, with bipartisan support, expands the current child and dependent care tax credit from 50 to 100% of the federal credit. It also significantly increases the qualifying expenses a filer can claim, up to $10,000 for one dependent and up to $20,000 for two or more dependents.
"These changes will give parents some breathing room in their household budgets by helping folks to remain in our state’s workforce," Evers said.
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According to the governor's office, more than 100,000 taxpayers will see an average of $656 in benefits.
Gov. Tony Evers
"It’s increasing the credit in a significant way," said Jason Stein, research director for Wisconsin Policy Forum. "For families that have a tax liability that owe something in income taxes and they have kids in child care this is going to be a significant benefit."
While it does provide help, leaders say there is more work to be done.
"This bill alone will not solve our state’s looming child care crisis," Evers said.
The Associated Press contributed to this story.