Childcare provider startup credit

(a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Childcare provider startup credit (a) Allowance of credit In the case of a qualified taxpayer, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to 30 percent of the qualified childcare startup expenses of the taxpayer for the taxable year. (b) Qualified taxpayer For purposes of this section, the term qualified taxpayer means, with respect to a taxable year, a taxpayer that— (1) provides childcare services in compliance with any applicable State or local requirements for such services, and (2) provided such services to 2 or more children for a significant portion of the taxable year. (c) Qualified childcare startup expenses For purposes of this section, the term qualified childcare startup expenses means, with respect to a taxable year, a start-up expenditure (as defined in section 195(c)(1)) paid or incurred during the 2-year period ending on the last day of such taxable year to establish and operate a childcare service. (d) Limitation The aggregate amount of credits determined under subsection (a) for any taxpayer in all taxable years may not exceed $10,000. (e) Denial of double benefit No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter.. (b) Credit allowed s part of general business credit Section 38(b) is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting, plus, and by adding at the end the following new paragraph: (42) the childcare provider startup credit determined under section 45BB(a).. (c) Clerical amendment The table of sections for subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: Sec. 45BB. Childcare provider startup credit.. (d) Effective date The amendments made by this section shall apply to expenses paid or incurred after the date of the enactment of this Act.