Income tax; increase credit allowed for employers providing dependent care/child care for employees.

HB 723 increases Mississippi employers' income tax credit for providing dependent care during work hours. The bill raises the credit amount (from the current 75% rate) for employers offering on-site care, contracting with licensed child care providers, or providing stipends to licensed entities for employee children. Employers must certify employee names, stipend amounts, and provider licensing details to qualify. This directly affects Mississippi employers offering dependent care benefits, aiming to make such benefits more affordable by reducing their tax liability. The credit takes effect January 1, 2026.