Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
Summary
Bill A00598 aims to amend New York's tax law to enhance the employer-provided child care credit by including qualified in-home care and backup care expenditures as eligible expenses. The bill proposes that taxpayers subject to certain tax articles can claim a credit equal to 50% of qualified child care expenditures and 20% of qualified child care resource and referral expenditures, with a maximum credit of $500,000 per taxable year. Additionally, the bill introduces provisions for recapturing credits under specific circumstances, such as changes in ownership or cessation of operation of child care facilities.
Impact
The bill will modify existing tax credits related to child care by broadening the scope of eligible expenditures to include in-home and backup care, thereby potentially increasing the financial support available to employers who provide child care benefits. This change is expected to encourage more businesses to invest in child care options for their employees, which could lead to improved workforce participation and support for working families in New York.
Sentiment
The sentiment around Bill A00598 appears to be generally positive, as it seeks to provide more affordable and accessible child care options for working families. However, there may be concerns regarding the financial implications for the state budget and the potential administrative burden on businesses to comply with the new provisions.
Contention
Notable points of contention may arise around the financial impact of expanding the child care credit, particularly regarding how it will affect state revenues. Some lawmakers may express concerns about the sustainability of funding such credits, while proponents argue that the benefits to working families and the economy justify the costs. Additionally, there may be discussions about the adequacy of the defined criteria for qualifying expenditures and the potential for misuse of the credits.
Same As
Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer- provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer- provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
Authorizes the "Child Care Contribution Tax Credit Act", the "Employer-Provided Child Care Assistance Tax Credit Act", and the "Child Care Providers Tax Credit", relating to tax credits for child care