Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Jan 06, 2017 |
referred to investigations and government operations |
Senate Bill S1051
2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(R, C, IP) Senate District
(D) Senate District
(R) Senate District
(R, C) 60th Senate District
2017-S1051 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2017-S1051 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1051 TITLE OF BILL : An act to amend the tax law, in relation to the credit for certain household and dependent care services necessary for gainful employment known as the child and dependent care credit PURPOSE : This bill is intended to ensure that employees will receive an increased child and dependent care tax credit that will create effective employee retention and will help to keep well-trained professionals in the workforce. SUMMARY OF PROVISIONS : Section 1 amends section 606 of the Tax Law by adding language that will award a child and dependent care tax credit of 110% to all workers earning incomes up to $65,000. A credit of 50% will be allotted to those with incomes between $65,000 and $200,000. A 20% credit will be awarded to those earning above a $200,000 threshold. Section 2 lists the effective date. JUSTIFICATION : Child care costs across New York State are increasing annually by
2017-S1051 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1051 2017-2018 Regular Sessions I N S E N A T E January 6, 2017 ___________ Introduced by Sen. AKSHAR -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the credit for certain household and dependent care services necessary for gainful employment known as the child and dependent care credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (c) of section 606 of the tax law, as amended by section 1 of part M of chapter 63 of the laws of 2000, is amended to read as follows: (1) A taxpayer shall be allowed a credit as provided herein equal to the applicable percentage of the credit allowable under section twenty- one of the internal revenue code for the same taxable year (without regard to whether the taxpayer in fact claimed the credit under such section twenty-one for such taxable year). The applicable percentage shall be the sum of (i) twenty percent and (ii) a multiplier multiplied by a fraction. For taxable years beginning in nineteen hundred ninety- six and nineteen hundred ninety-seven, the numerator of such fraction shall be the lesser of (i) four thousand dollars or (ii) fourteen thou- sand dollars less the New York adjusted gross income for the taxable year, provided, however, the numerator shall not be less than zero. For the taxable year beginning in nineteen hundred ninety-eight, the numera- tor of such fraction shall be the lesser of (i) thirteen thousand dollars or (ii) thirty thousand dollars less the New York adjusted gross income for the taxable year, provided, however, the numerator shall not be less than zero. For taxable years beginning in nineteen hundred nine- ty-nine, the numerator of such fraction shall be the lesser of (i) fifteen thousand dollars or (ii) fifty thousand dollars less the New York adjusted gross income for the taxable year, provided, however, the numerator shall not be less than zero. For taxable years beginning after EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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