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History
- Print number 1661a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the personal income tax credit for certain household and dependent care services necessary for gainful employment during tax years commencing on or after 2016
In Assembly Committee · Ways And Means · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the personal income tax credit for certain household and dependent care services necessary for gainful employment
Purpose
This bill increases the Child and Dependent Care Credit by 50 percent on average for all qualifying taxpayers in New York State. The credit has not been increased since 1999.
Summary of provisions
Section 1. Amends paragraph 1 of subsection (c) of section 606 of the tax law to provide for a fifty percent increase in the Child and Dependent Care Credit. The credit is limited to taxpayers who file jointly with adjusted gross incomes (AGI) under $350,000; taxpayers who file as heads of households with AGI under $300,000; or taxpayers who file singly with AGI under $175,000.
Section 2. Effective date.
Justification
Today's economy requires both parents to work to make ends meet. In addition, many single parents also work to support their families. Critical to these working people is affordable child care. The State does offers a Child and Dependent Care Credit to aid in recovering the costs of child care for working families. However, the value of the credit has not been increased since 1999. During this time period, many more parents are entering the workforce and the cost of child care has increased. This bill would continue the State's effort to aid these families in the cost of child care by increasing the Child and Dependent Care Credit by an average of 50 percent.
Legislative history
2013-14: S5451-B/A7815-B - Investigations & Government Operations/Ways & Means
Fiscal implications
This bill will save taxpayers $100 million.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.