Press Release: Addressing North Dakota’s Child-Care Crisis with New Employer Tax Credit
Bismarck, ND – In a significant move to tackle North Dakota’s child-care crisis, Governor Kelly Armstrong has signed a bill introducing a tax credit for employers who subsidize their employees’ child-care costs. Employers can now claim a 50% tax credit on child-care stipends offered as part of employee benefits.
Bill supporters believe this incentive will encourage more businesses to assist parents with young children, thereby helping to stabilize the workforce. Bill Bauman, CEO of the Missouri Valley Family YMCA, emphasized the economic importance of alleviating child-care stress, stating, "It’s vital to our economy, our community, our workforce, and our families."
While there have been advancements due to recent state investments, challenges remain, such as eligibility restrictions under existing support programs. Bauman commended policymakers for ongoing evaluations of these initiatives, indicating that enhancements may be needed over time. According to a recent Chamber of Commerce survey, 69% of businesses reported child-care as an issue impacting their operations, with similar support for the new tax credit as a recruitment and retention tool.
This initiative marks another step forward in addressing the pressing needs of working families in North Dakota.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
