|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 04, 2021||referred to budget and revenue|
senate Bill S5408
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5408 (ACTIVE) - Details
S5408 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5408 SPONSOR: RATH TITLE OF BILL: An act to amend the tax law, in relation to increasing the child and dependent care tax credit PURPOSE: To increase the child and dependent care tax credit to reflect increases in the cost of child and dependent care. SUMMARY OF PROVISIONS: Section 1 - amends paragraph (1-b) of subsection (c) of section 606 of the Tax Law to increase the maximum amount of child and dependent care costs that are subject to the child and dependent care tax credit commencing with tax year 2020. Section 2 - Effective date.
S5408 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5408 2021-2022 Regular Sessions I N S E N A T E March 4, 2021 ___________ Introduced by Sen. RATH -- 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 TWEN- TY; 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 IN TWO THOUSAND TWENTY-ONE. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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