48-7-29.10. Tax credits for qualified child and dependent care expenses.

A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for qualified child and dependent care expenses. The amount of such credit shall be equal to 50 percent of the amount of the credit provided for in Section 21 of the Internal Revenue Code which is claimed and allowed pursuant to the Internal Revenue Code.#

In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer’s income tax liability. Any unused tax credit shall not be allowed to be carried forward to apply to the taxpayer’s succeeding years’ tax liability. No such tax credit shall be allowed the taxpayer against prior years’ tax liability.#

The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section.#