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Childcare can be expensive for both parents and their employers. Yet existing tax incentives to help defray those costs may go unused, a new report finds. View More
Alvaro Gonzalez | Moment | Getty Images A lack of available childcare could cost the U.S. economy up to $329 billion over the next 10 years, a 2025 Bipartisan Policy Center report found.One untapped way for families and the businesses that employ them to save on those costs could be through existing tax incentives, according to a new report from the U.S. Congress Joint Economic Committee â Minority. Just 13% of private sector workers have access to childcare benefits through their employers, according to the report. Moreover, existing childcare tax incentives are underused or difficult for businesses and their employees to navigate, the report states. Tax incentives to reduce the cost of childcare Eligible workers may be able to offset their childcare expenses by claiming the child and dependent care tax credit, or CDCTC. The CDCTC lets families who meet certain criteria offset a portion of their childcare and dependent care expenses against their federal income tax liability. The credit can partially offset up to $3,000 in care expenses for one qualifying individual and up to $6,000 for two or more qualifying individuals.Yet only about 12% of taxpayers with children claim the credit, according to the report. Some workers who are eligible may have difficulty navigating the credit, and therefore don't claim it, the report said, while others may be ineligible due to not having qualifying expenses, owing no federal taxes or earning too much money. More from Women and Wealth:Women tend to be 'risk-appropriate' investors, expert says: How that helps35% of Gen Z homebuyers are single women. Here's why they need an estate planMillions of people with disabilities may be missing out on this little-known savings toolOlder women may inherit most of $54 trillion in spousal 'great wealth transfer''Survivor's penalty' can affect retirees after a spouse dies. What to expect Businesses may set up dependent care assistance program, or DCAP, accounts for employees. Those accounts enable families to set aside up to $7,500 in pretax income for childcare expenses. That money is not subject to taxes so long as it is used on childcare or other qualifying expenses. Fewer than half of private-sector workers have access to these accounts, according to the report. The DCAP, also called a dependent care FSA, is an "immediate tax saving win," said Sean Lovison, a certified financial planner, certified public accountant and founder of Purpose Built, an independent financial planning firm in Moorestown, New Jersey. It can be especially helpful for high earners to shield a portion of their income, he said. But it's important to remember that it's a use-it-or-lose-it account, which means the balance must be spent during the plan year on qualifying expenses such as preschool or summer day camps, according to Lovison. And it's important to also remember there are exceptions, like sleepover camps, he said. A separate employer-provided tax credit, known as 45F, helps businesses offset the cost of providing childcare. Businesses that invest in childcare for their employees, either by building and operating a childcare facility or partnering with a childcare provider, can subtract 40% of eligible expenses â or 50% for small businesses â from what they owe in taxes. That may provide up to a maximum of $500,000 annually in tax savings through a nonrefundable credit, or up to $600,000 for small businesses. Despite those savings, less than 1% of corporate returns used the 45F program, according to the report, which cites the latest available tax filing data from 2016.By fully using available tax incentives for childcare, a hypothetical business could save $820,000 in taxes over five years and generate more than $8 million in return on investment through reduced employee turnover and increased productivity, according to an example scenario in the report. Meanwhile, a parent employed at that business could save almost $10,000 over five years. The report comes a few months after ranking member of the committee, Democratic Sen. Maggie Hassan of New Hampshire, proposed a bill with Republican Sen. Dan Sullivan of Alaska, to create a business childcare liaison at the IRS who would educate businesses about existing childcare tax incentives. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Resonia, formerly Sterlite Power's transmission arm, has secured a significant project in Telangana from Power Finance Corporation. This initiative aims to bolster power transmission links between Andhra Pradesh and Telangana, improving grid flexibility and facilitating the integration of renewable energy from the Kurnool REZ. The project involves establishing a new substation and enhancing existing infrastructure to support this crucial connectivity. View More
New Delhi: Resonia , the power transmission infrastructure business of the erstwhile Sterlite Power, on Monday said it has bagged a transmission project in Telangana from the Power Finance Corporation . The project will significantly strengthen transmission connectivity between Andhra Pradesh and Telangana, enhance grid flexibility, and support large-scale integration of renewable energy from the Kurnool Renewable Energy Zone (REZ), the company said in a statement. The company, however, did not disclose the financial details of the order. Also Read: India sets transmission project deadlines to speed up renewable energy expansion The scope of the project includes the establishment of a 765/400 kV Doma substation, augmentation of the existing Kurnool-IV pooling station, and development of associated high-capacity transmission infrastructure. Live Events "As renewable energy capacity scales rapidly, resilient and high-capacity transmission systems are critical for seamless power evacuation and grid stability," said Prashant Sinha, CEO, Resonia Ltd. Resonia Ltd is a leading power transmission company with a network of over 14,499 circuit kilometres (CKM). .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A significant Rs 25,000 crore investment by BHEL and Coal India Limited is set to transform Odisha's coal sector. This ambitious project will explore coal gasification, moving beyond traditional power generation to unlock new opportunities in fertilizer production and boost downstream industries. View More
Jharsuguda: Union Coal and Mines Minister G Kishan Reddy on Saturday said Bharat Heavy Electricals Limited (BHEL) and Coal India Limited (CIL) are jointly investing Rs 25,000 crore in a coal gasification project in Odisha, marking a major step towards expanding the use of coal beyond conventional power generation. Speaking to reporters in Jharsuguda during an event attended by Prime Minister Narendra Modi and President Droupadi Murmu, the Minister said the initiative would open new opportunities in fertiliser production while creating jobs in the region. "Today, Prime Minister Narendra Modi and the President Droupadi Murmu have ushered in a new chapter for Odisha's coal sector. Moving beyond the traditional use of coal, new avenues will now open up through coal gasification," Reddy said. Highlighting the scale of investment, the Minister said, "Today, BHEL and Coal India Limited are jointly investing Rs 25,000 crore in this initiative." He said the project is expected to strengthen downstream industrial activity in the state and generate employment opportunities. Live Events "This will facilitate fertiliser production and create employment opportunities for local people, proving highly beneficial for Odisha," Reddy added. The Minister also underlined the Centre's broader push towards coal gasification as part of efforts to diversify coal utilisation and reduce import dependence in sectors such as fertilisers and chemicals. "The Central Government is providing Rs 46,000 crore for coal gasification," he said. Coal gasification converts coal into synthesis gas, or syngas, which can be used to produce chemicals, fertilisers, synthetic fuels and other industrial products. The technology is seen as a way to enhance the value of India's vast coal reserves while supporting industrial development. The Centre has been promoting coal gasification projects to encourage cleaner and more efficient utilisation of domestic coal resources and reduce reliance on imported feedstock for key industries. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A significant Rs 25,016-crore coal gasification project in Odisha, recently inaugurated by President Murmu and PM Modi, is set to fulfill nearly 35% of India's ammonium nitrate needs by 2030. This pioneering initiative, utilizing indigenous technology, promises to slash imports by 0.66 million tonnes annually, saving over USD 360 million in foreign exchange each year and bolstering India's self-reliance in strategic industrial products. View More
New Delhi, Jun 20 (PTI) The Rs 25,016-crore coal gasification project in Odisha, whose foundation stone was laid on Saturday, is expected to meet nearly 35 per cent of India's projected ammonium nitrate demand by 2030, industry experts said. Once operational, the plant would reduce imports by about 0.66 million tonnes annually and generate foreign exchange savings of more than USD 360 million every year, they added. Over its operating life, cumulative savings from import substitution could exceed USD 9 billion, the industry said. President Droupadi Murmu and Prime Minister Narendra Modi jointly laid the foundation stone for the Bharat Coal Gasification and Chemicals Ltd (BCGCL) project at Lakhanpur in Jharsuguda district of Odisha. The project, being developed by Bengal Coal and Gasification Company Ltd -- a joint venture of Bharat Heavy Electricals Ltd (BHEL) and Coal India Ltd (CIL) -- will use indigenous coal gasification technology to convert locally available coal into synthesis gas, which will then be processed into ammonium nitrate -- a crucial feedstock for fertiliser and industrial explosives. Live Events You Might Also Like:President Droupadi Murmu, PM Modi unveil projects worth over Rs 47,600 crore in Odisha "Today's foundation stone laying of the BCGCL Coal-to-Ammonium Nitrate Project marks a defining moment in India's industrial evolution. This is not merely the inauguration of an ammonium nitrate plant; it is the emergence of a new coal-to-chemicals ecosystem that demonstrates how India's abundant coal resources can be transformed into strategic industrial products," Balasaheb Darade, Founder & Managing Director, New Era Cleantech Solution Pvt Ltd, said. The Prime Minister deserves immense credit for recognising that true energy security in the 21st century extends beyond fuels to strategic molecules, he said, adding that his vision has transformed the national conversation from 'mines and megawatts' to "molecules and manufacturing". The National Coal Gasification Mission and the target of 100 million tonnes of coal gasification by 2030 have created the foundation for a new industrial revolution. "If the refinery revolution unlocked value from crude oil, coal gasification can unlock similar value from India's vast coal reserves through ammonia, ammonium nitrate, methanol, hydrogen, synthetic fuels and downstream chemicals. India's coal is no longer just a fuel -- it is becoming a strategic industrial resource capable of powering the nation's journey towards Atmanirbhar Bharat and Viksit Bharat," he said. Gasification Technologies & Research Council (GTRC) Chairman Amrit Lal Meena, former coal secretary, said at a time when geopolitical uncertainties continue to impact energy security, fertiliser and chemical markets, coal gasification offers India a pathway to greater resilience. Prime Minister's vision for coal gasification is timely and transformational. By positioning coal gasification as a national mission, the government has created the framework for India to convert its natural resource advantage into economic strength. The BCGCL project represents one of the most important milestones in India's coal sector. For decades, coal was primarily fuelling power. BCGCL demonstrates that coal can also become a source of high-value chemicals, fertilisers, industrial feedstocks, and strategic manufacturing growth, Meena said. The significance of this project extends far beyond its production capacity. It showcases India's first indigenous pressurised fluidised bed coal gasification technology developed by BHEL, establishing a technological foundation for future coal-to-chemicals investments across the country. Every successful gasification project strengthens India's capability to build domestic technology, manufacturing and supply chain, he added. Coal gasification is emerging as a key pillar of India's strategy to strengthen energy security, reduce dependence on imported critical feedstocks, promote value addition to domestic coal resources and support the development of downstream industries. The process converts coal into synthesis gas (syngas), which can be used to produce a wide range of value-added products such as methanol, urea, ammonium nitrate, synthetic natural gas, and other chemical feedstocks. Recognising the transformative potential of coal gasification, the government has approved incentive schemes with a cumulative outlay of up to Rs 46,000 crore to promote surface coal and lignite gasification projects across the country. The initiative aims to accelerate the establishment of coal gasification projects across the country, encourage the use of domestic coal for strategic industrial and chemical outputs, and reduce dependence on imports of natural gas, methanol, ammonia, and other critical feedstocks. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! 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Tiger Logistics (India) Ltd has secured a new import logistics mandate worth ?4 crore from Bharat Heavy Electricals Ltd for transporting 13 over-dimensional cargo units from Italy to India, reinforcing their partnership and showcasing the firm's logistics capabilities. View More
Chennai Petroleum Corporation Ltd (CPCL) has achieved Navratna status, a significant upgrade granting it greater financial and operational autonomy. This elevation, approved by the Union Finance Minister, makes CPCL the 28th such enterprise in India. The company, a subsidiary of IndianOil, boasts a substantial refining capacity and a diverse product range, underscoring its growing importance in the energy sector. View More
Chennai Petroleum Corporation Ltd (CPCL) has been upgraded to Navratna Central Public Sector Enterprise (CPSE) status, with Union Finance Minister Nirmala Sitharaman approving the elevation. The announcement was made by the Department of Public Enterprises (DPE) under the Ministry of Finance. With this, CPCL becomes the 28th Navratna among all CPSEs in India. CPCL, which operates under the Ministry of Petroleum and Natural Gas, posted an annual turnover of Rs 59,400 crore in FY 2025-26. Prior to this upgrade, the company held Miniratna Category-I status. Also read: Oil cos weigh refinery price freeze; move may hit MRPL, CPCL What the Navratna tag means The Navratna classification, introduced by the government in 1997, grants Central Public Sector Enterprises significantly enhanced financial and operational autonomy. A Navratna CPSE can invest up to Rs 1,000 crore or 15% of its net worth on a single project without seeking prior government approval. The status also empowers companies to establish joint ventures overseas, access new markets, leverage local expertise, foster innovation through technological alliances, and facilitate mergers and acquisitions. Live Events — DPE_GoI (@DPE_GoI) To qualify for the status, a CPSE must be a Miniratna-I entity with a positive net worth, must have secured an "Excellent" or "Very Good" MoU rating in three of the last five years, and must score 60 or more points on key financial indicators including net profit, net worth, and manpower cost. CPCL, formerly known as Madras Refineries Limited, was formed as a joint venture between the Government of India, AMOCO, and the National Iranian Oil Company in 1965. The Government of India later transferred its equity to Indian Oil Corporation , and CPCL became a subsidiary of IndianOil in 2001. Also read: Chennai Petroleum announces Rs 8 per share dividend, sets April 2 as record date. Check dividend yield CPCL was conceived as a grassroot refinery in 1969 with an installed refining capacity of 2.5 million metric tonnes per annum (MMTPA). Today, it is one of the largest refining corporations in South India, with an installed refining capacity of 10.5 MMTPA. The Manali refinery is one of the most complex refineries in India, with fuel, lube, wax, and petrochemical feedstock production facilities. The company also set up a 5.8 million gallons per day sea water desalination plant, the first of its kind in the industry to augment the water requirements of the refinery. The company's product range spans diesel, petrol, LPG, kerosene, aviation turbine fuel, lubricants, petrochemical feedstocks, and specialty products including JP-5 fuel for fighter jets and missile fuels. IOCL holds a 51.89% stake in CPCL, making it the majority shareholder and parent company. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The portal will facilitate transparent certification and regulatory compliance under the Green Hydrogen Certification Scheme of India View More
