Bill > S04873

This bill amends the New York tax law to increase the child and dependent care tax credit. Specifically, it changes the maximum amount of the credit that taxpayers can claim based on the number of qualifying individuals, increasing the limits from $7,500 for 3 qualifying individuals up to $9,000 for 5 or more qualifying individuals for tax years beginning in 2023. For tax years beginning in 2024, the limits are further increased to a range of $6,000 for 1 qualifying individual up to $18,000 for 5 or more qualifying individuals. This will provide more generous tax relief to families with child care and dependent care expenses.