BILL NUMBER: S9404
SPONSOR: ROLISON
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a supplemental
household and dependent care credit payment
 
PURPOSE OR GENERAL IDEA OF BILL:
To provide taxpayers who are eligible for the Household and Dependent
Care Tax credit with an additional Payment,
 
SUMMARY OF PROVISIONS:
Section 1: Authorizes the Commissioner of Taxation and Finance to
provide a supplemental Household and Dependent Care Credit to eligible
taxpayers equal to an additional 15% of the taxpayer's actual credit
amount.
Section 2: Sets forth the effective date.
 
JUSTIFICATION:
Providing for a supplemental payment of the Household and Dependent Care
credit would help alleviate some of the burden placed on New York fami-
lies with childcare expenses. The high cost of childcare forces families
into making difficult choices about how to best care for their children.
Enhancing this credit would make it easier for these parents, partic-
ularly women, to stay in the workforce while allowing families to keep
more of what they earn.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
Approximately $16 million in additional State spending.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
commencing on or after January 1, 2024.

Statutes affected:
S9404: 606 tax law, 606(c) tax law