Bill > A01453

This bill increases the child and dependent care tax credit in New York. It amends the state tax law to allow taxpayers to claim a credit equal to the applicable percentage of the federal child and dependent care tax credit, without regard to the limit on the number of qualifying individuals. The bill sets new dollar limits on the amount of the credit, increasing the maximum credit from $7,500 to $9,000 for taxpayers with three or more qualifying individuals for the 2023 tax year, and further increasing the maximum credit to $18,000 for taxpayers with five or more qualifying individuals for the 2024 tax year and beyond.