NY A04469

Bill

Creates deduction from franchise tax and personal income tax for costs of acquiring or improving a 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 a child care facility operated primarily for children of taxpayer's employees.

Introduced
02/16/2023

In Committee
01/03/2024

Crossed Over

Passed

Dead
12/31/2024

Introduced Session

2023-2024 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to providing tax deductions for expenditures made to purchase, construct, renovate or remodel child care facilities

AI Summary

This bill creates a deduction from franchise tax, personal income tax, corporation tax, and tax on banks for costs incurred by taxpayers in acquiring, constructing, renovating, or remodeling child care facilities. The deduction is available for taxpayers operating child care facilities primarily for the children of their employees, as well as for-profit child care facilities. The deduction is spread over a 24-month period for facilities for employees' children and a 60-month period for for-profit facilities, and it is intended to incentivize businesses to invest in child care infrastructure.

Committee Categories

Budget and Finance

Sponsors (1)

Phil Ramos (D)*,

Last Action

referred to ways and means (on 01/03/2024)

Official Document

https://www.nysenate.gov/legislation/bills/2023/A4469

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2023/A4469
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A04469&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A04469

Bill	Bill Name	Last Action	Type
A04511	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.	referred to ways and means	Reintroduced
S07346	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 a child care facility operated primarily for children of taxpayer's employees.	REFERRED TO BUDGET AND REVENUE	Same As

Bill > A04469

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary