Bill Text: NY S04458 | 2019-2020 | General Assembly | Amended

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Bill Title: Increases the child and dependent care tax credit.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2020-02-12 - PRINT NUMBER 4458A [S04458 Detail]

Download: New_York-2019-S04458-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4458--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                     March 12, 2019
                                       ___________

        Introduced by Sens. RANZENHOFER, CARLUCCI, FELDER, KENNEDY -- read twice
          and ordered printed, and when printed to be committed to the Committee
          on  Budget  and  Revenue -- recommitted to the Committee on Budget and
          Revenue in  accordance  with  Senate  Rule  6,  sec.  8  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        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:

     1    Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
     2  law,  as added by section 2 of part T of chapter 59 of the laws of 2017,
     3  is amended to read as follows:
     4    (1-b) Notwithstanding anything in this subsection to the  contrary,  a
     5  taxpayer  shall be allowed a credit as provided in this subsection equal
     6  to the applicable percentage of the credit allowable under section twen-
     7  ty-one of the internal revenue code for the same taxable  year  (without
     8  regard  to  whether  the  taxpayer in fact claimed the credit under such
     9  section twenty-one for such taxable year) that would have  been  allowed
    10  absent the application of section 21(c) of such code [for taxpayers with
    11  more than two qualifying individuals], provided however, that the credit
    12  shall  be  calculated  as if the dollar limit on amount creditable shall
    13  not exceed:
    14    (i) seven thousand five hundred dollars if there are three  qualifying
    15  individuals, eight thousand five hundred dollars if there are four qual-
    16  ifying  individuals, and nine thousand dollars if there are five or more
    17  qualifying individuals for taxable years beginning in two thousand nine-
    18  teen; and
    19    (ii) six thousand dollars  if  there  is  one  qualifying  individual,
    20  twelve thousand dollars if there are two qualifying individuals, fifteen
    21  thousand  dollars  if  there are three qualifying individuals, seventeen

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02782-03-0
        S. 4458--A                          2

     1  thousand dollars if there are four qualifying individuals, and  eighteen
     2  thousand  dollars  if  there are five or more qualifying individuals for
     3  taxable years beginning in two thousand twenty.
     4    § 2. This act shall take effect immediately.