senate Bill S4458

2019-2020 Legislative Session

Increases the child and dependent care tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2019 referred to budget and revenue

Co-Sponsors

S4458 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2017-2018 Legislative Session:
S7815

S4458 (ACTIVE) - Summary

Increases the child and dependent care tax credit.

S4458 (ACTIVE) - Sponsor Memo

S4458 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4458

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 12, 2019
                               ___________

Introduced by Sens. RANZENHOFER, CARLUCCI, FELDER, KENNEDY -- 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:

  Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
law,  as added by section 2 of part T of chapter 59 of the laws of 2017,
is amended to read as follows:
  (1-b) Notwithstanding anything in this subsection to the  contrary,  a
taxpayer  shall be allowed a credit as provided in this subsection equal
to the applicable percentage of the credit allowable under section twen-
ty-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) that would have  been  allowed
absent the application of section 21(c) of such code [for taxpayers with
more than two qualifying individuals], provided however, that the credit
shall  be  calculated  as if the dollar limit on amount creditable shall
not exceed:
  (I) seven thousand five hundred dollars if there are three  qualifying
individuals, eight thousand five hundred dollars if there are four qual-
ifying  individuals, and nine thousand dollars if there are five or more
qualifying individuals FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINE-
TEEN; AND
  (II) SIX THOUSAND DOLLARS  IF  THERE  IS  ONE  QUALIFYING  INDIVIDUAL,
TWELVE THOUSAND DOLLARS IF THERE ARE TWO QUALIFYING INDIVIDUALS, FIFTEEN
THOUSAND  DOLLARS  IF  THERE ARE THREE QUALIFYING INDIVIDUALS, SEVENTEEN
THOUSAND DOLLARS IF THERE ARE FOUR QUALIFYING INDIVIDUALS, AND  EIGHTEEN
THOUSAND  DOLLARS  IF  THERE ARE FIVE OR MORE QUALIFYING INDIVIDUALS FOR
TAXABLE YEARS BEGINNING ON OR AFTER TWO THOUSAND TWENTY.
  § 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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