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Senate Bill S5261

2025-2026 Legislative Session

Increases the child and dependent care tax credit

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Current Bill Status - In Senate Committee Budget And Revenue Committee

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2025-S5261 (ACTIVE) - Details

See Assembly Version of this Bill:
A2674
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
2023-2024: S4873, A1453

2025-S5261 (ACTIVE) - Summary

Increases the child and dependent care tax credit to reflect increases in the cost of child and dependent care.

2025-S5261 (ACTIVE) - Sponsor Memo

2025-S5261 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5261
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2025
                                ___________
 
 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-FIVE; 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-SIX.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04247-01-5

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