State Budget Includes New Tax Relief for Middle-Class Families
The 2017-18 State Budget includes $47 million in additional tax relief for working families’ childcare expenses.
In the new State Budget, the Child and Dependent Care Tax Credit is expanded to include taxpayers with incomes between $50,000 and $150,000. In addition, the current cap on childcare expenses would rise from $6,000 to a maximum of $9,000 - depending on the number of children - for families with up to five children. This new tax credit will more than double the benefit for middle-class families, bringing the total credit from $169 to $376 per household on average. Families earning less than $50,000 per year already receive a considerable benefit.
To learn more about eligibility requirements and/or how to claim the NYS Child and Dependent Care Tax Credit, you can visit the New York State Tax Department's website at https://www.tax.ny.gov/pit/credits/child_and_dependent_care_credit.htm
amilies making less thatn $50,000 already receive a considerable benefit.