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Senate Bill S4873

2023-2024 Legislative Session

Increases the child and dependent care tax credit

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

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2023-S4873 (ACTIVE) - Details

See Assembly Version of this Bill:
A1453
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10265
2019-2020: A1060
2021-2022: A5010
2025-2026: S5261, A2674

2023-S4873 (ACTIVE) - Summary

Increases the child and dependent care tax credit.

2023-S4873 (ACTIVE) - Sponsor Memo

2023-S4873 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4873
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 16, 2023
                                ___________
 
 Introduced  by  Sen.  ASHBY  -- 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-THREE; 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-FOUR.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04612-01-3

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