Increases the aggregate funds available for the child care tax credit

This bill (S 967) doubles the annual funding cap for the child care tax credit program from $25 million to $50 million for businesses providing child care services. It directly affects eligible child care businesses by increasing the total funds available for tax credits they can claim. The key mechanism requires the state office to allocate these funds on a pro-rata basis to all qualifying businesses that meet eligibility criteria under existing law. This change applies to the 2023-2024 funding period and aims to expand support for child care providers through increased financial assistance.