Bill > S04458

This bill amends the tax law to increase the child and dependent care tax credit in New York. Specifically, it increases the maximum amount of the credit based on the number of qualifying individuals, from $7,500 for three qualifying individuals to up to $18,000 for five or more qualifying individuals for taxable years beginning in 2020. The credit is calculated as a percentage of the federal child and dependent care tax credit, which allows taxpayers to claim a credit for expenses related to the care of children or other dependents while the taxpayer works or looks for work.