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Senate Bill S5897

2021-2022 Legislative Session

Creates deductions for creation or improvements of child care facilities

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2021-S5897 (ACTIVE) - Details

See Assembly Version of this Bill:
A4511
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §188-a, amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4194
2011-2012: A4682
2013-2014: A6142
2015-2016: A4429
2017-2018: A4764
2019-2020: S8202, A5227
2023-2024: S7346, A4469
2025-2026: S5959, A833

2021-S5897 (ACTIVE) - Summary

Creates deduction from franchise tax and personal income tax for costs of acquiring or improving child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving child care facility operated primarily for children of taxpayer's employees.

2021-S5897 (ACTIVE) - Sponsor Memo

2021-S5897 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5897
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 22, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 providing tax deductions for
   expenditures made to purchase, construct, renovate  or  remodel  child
   care facilities

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a  new  section  188-a  to
 read as follows:
   §  188-A.  DEDUCTION FOR CREATION OR IMPROVEMENT OF CHILD CARE FACILI-
 TIES. A TAXPAYER OPERATING A CHILD CARE FACILITY WITHIN THE STATE PRIMA-
 RILY FOR THE CHILDREN OF SUCH TAXPAYER'S EMPLOYEES, SHALL BE  ALLOWED  A
 DEDUCTION  FROM  TAXABLE  INCOME  FOR  ANY  EXPENDITURE MADE TO ACQUIRE,
 CONSTRUCT, RENOVATE OR REMODEL SUCH CHILD CARE FACILITY OR THE EQUIPMENT
 THEREIN. THE DEDUCTION CREATED BY THIS SECTION SHALL  BE  DEDUCTED  OVER
 TWENTY-FOUR  MONTHS  COMMENCING  IN THE MONTH IN WHICH SUCH ACQUISITION,
 CONSTRUCTION,  RENOVATION  OR  REMODELING  IS  PUT  INTO  SERVICE.   THE
 DEDUCTION  PROVIDED BY THIS SECTION SHALL BE IN LIEU OF ANY OTHER ALLOW-
 ANCE FOR THE EXHAUSTION OF SUCH PROPERTY USED IN  A  TRADE  OR  BUSINESS
 HELD  FOR THE PRODUCTION OF INCOME, INCLUDING A REASONABLE ALLOWANCE FOR
 OBSOLESCENCE PURSUANT TO SECTION ONE HUNDRED SIXTY-SEVEN OR ONE  HUNDRED
 EIGHTY-EIGHT OF THE INTERNAL REVENUE CODE.
   §  2. Subdivision 9 of section 208 of the tax law is amended by adding
 two new paragraphs (u) and (v) to read as follows:
   (U) A TAXPAYER OPERATING A CHILD CARE FACILITY FOR  PROFIT,  SHALL  BE
 ALLOWED  A  DEDUCTION FROM ENTIRE NET INCOME FOR ANY EXPENDITURE MADE TO
 ACQUIRE, CONSTRUCT, RENOVATE OR REMODEL SUCH CHILD CARE FACILITY OR  THE
 EQUIPMENT  THEREIN.  THE  DEDUCTION  CREATED  BY THIS PARAGRAPH SHALL BE
 DEDUCTED OVER SIXTY MONTHS COMMENCING IN THE MONTH IN WHICH SUCH  ACQUI-
 SITION, CONSTRUCTION, RENOVATION OR REMODELING IS PUT INTO SERVICE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07912-01-1

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