Assembly Bill A8337

2023-2024 Legislative Session

Establishes authority for early childcare savings accounts

download bill text pdf

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Current Bill Status - In Assembly 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

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2023-A8337 (ACTIVE) - Details

See Senate Version of this Bill:
S3330
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add Art 24-C §§880 - 886, amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9626, S7075
2021-2022: A5102, S4842

2023-A8337 (ACTIVE) - Summary

Establishes authority for early childcare savings accounts to provide tax benefits for savings for qualified childcare services; provides for the functions and powers of the comptroller; provides for the program requirements and limitations.

2023-A8337 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8337
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 13, 2023
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing  the  New  York
   state early childcare savings program
 
   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 article 24-C to read
 as follows:
                               ARTICLE 24-C
                      NEW YORK STATE EARLY CHILDCARE
                              SAVINGS PROGRAM
 SECTION 880. PROGRAM ESTABLISHED.
         881. PURPOSES.
         882. DEFINITIONS.
         883. FUNCTIONS OF THE COMPTROLLER.
         884. POWERS OF THE COMPTROLLER.
         885. PROGRAM REQUIREMENTS; EARLY CHILDCARE SAVINGS ACCOUNT.
         886. PROGRAM LIMITATIONS; EARLY CHILDCARE SAVINGS.
   § 880. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED THE  NEW  YORK
 STATE EARLY CHILDCARE SAVINGS PROGRAM.
   § 881. PURPOSES. THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE THE
 ESTABLISHMENT  OF EARLY CHILDCARE SAVINGS ACCOUNTS AND TO PROVIDE GUIDE-
 LINES FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:
   1. ENABLE RESIDENTS OF THIS STATE TO BENEFIT FROM  THE  TAX  INCENTIVE
 PROVIDED  FOR  QUALIFIED  EARLY CHILDCARE SAVINGS ACCOUNTS UNDER SECTION
 SIX HUNDRED TWELVE OF THIS CHAPTER;
   2. ALLOW MORE RESIDENTS TO STAY IN THE WORKFORCE BY PROVIDING A  MEANS
 TO SAVE AND PAY FOR CHILDCARE; AND
   3.  PROVIDE  OPPORTUNITIES  FOR ALL CHILDREN TO RECEIVE QUALITY CHILD-
 CARE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07462-01-3
 A. 8337                             2
              

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