Bill Text: NY S04873 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Increases the child and dependent care tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S04873 Detail]

Download: New_York-2023-S04873-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          4873

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 16, 2023
                                       ___________

        Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to  increasing  the  child  and
          dependent care tax credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
     2  law, as added by section 2 of part T of chapter 59 of the laws of  2017,
     3  is amended to read as follows:
     4    (1-b)  Notwithstanding  anything in this subsection to the contrary, a
     5  taxpayer shall be allowed a credit as provided in this subsection  equal
     6  to the applicable percentage of the credit allowable under section twen-
     7  ty-one  of  the internal revenue code for the same taxable year (without
     8  regard to whether the taxpayer in fact claimed  the  credit  under  such
     9  section  twenty-one  for such taxable year) that would have been allowed
    10  absent the application of section 21(c) of such code [for taxpayers with
    11  more than two qualifying individuals], provided however, that the credit
    12  shall be calculated as if the dollar limit on  amount  creditable  shall
    13  not exceed:
    14    (i)  seven thousand five hundred dollars if there are three qualifying
    15  individuals, eight thousand five hundred dollars if there are four qual-
    16  ifying individuals, and nine thousand dollars if there are five or  more
    17  qualifying individuals for taxable years beginning in two thousand twen-
    18  ty-three; and
    19    (ii)  six  thousand  dollars  if  there  is one qualifying individual,
    20  twelve thousand dollars if there are two qualifying individuals, fifteen
    21  thousand dollars if there are three  qualifying  individuals,  seventeen
    22  thousand  dollars if there are four qualifying individuals, and eighteen
    23  thousand dollars if there are five or more  qualifying  individuals  for
    24  taxable years beginning in two thousand twenty-four.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04612-01-3