Bill
Bill > S05897
NY S05897
NY S05897Creates deduction from franchise tax and personal income tax for costs of acquiring or improving child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving child care facility operated primarily for children of taxpayer's employees.
summary
Introduced
03/22/2021
03/22/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Creates deduction from franchise tax and personal income tax for costs of acquiring or improving child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving child care facility operated primarily for children of taxpayer's employees.
AI Summary
This bill creates a deduction from the franchise tax, personal income tax, corporation tax, and tax on banks for costs incurred by taxpayers in acquiring or improving a child care facility. The deduction is available for taxpayers operating a child care facility primarily for the children of their own employees (deducted over 24 months) or for taxpayers operating a child care facility for profit (deducted over 60 months). The deduction is in lieu of any other tax deductions for the property's depreciation or obsolescence.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S5897 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S05897&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S05897 |
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