The Education Oversight Committee, in cooperation with representatives of the Department of Commerce, the Department of Revenue, and the South Carolina Chamber of Commerce, shall develop recommendations for employer tax credits as incentives to: (1)  provide parent-employee release time for parent-teacher conferences or attendance at their children’s academic-related events without loss of pay; and (2)  develop workplace policies which enable parents to improve their literacy, assist their children with academics, and become more involved in their child’s education as a result of employers working with local school officials. Recommendations shall be reported to the Senate Finance and Education Committees, House Ways and Means Committee, and the House Education and Public Works Committee no later than January 1, 2001.