NY S07346

Bill

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.

Introduced
05/19/2023

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 the franchise tax, personal income tax, corporation tax, and tax on banks for costs incurred in acquiring, constructing, renovating, or remodeling child care facilities. The deduction is available to taxpayers operating child care facilities primarily for the children of their employees, as well as to taxpayers operating child care facilities for profit. The deduction is taken over 24 months for facilities operated for employees' children and 60 months for facilities operated for profit, and is in lieu of other deductions for the exhaustion of the property.

Committee Categories

Budget and Finance

Sponsors (1)

Kevin Parker (D)*,

Last Action

REFERRED TO BUDGET AND REVENUE (on 01/03/2024)

Official Document

https://www.nysenate.gov/legislation/bills/2023/S7346

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2023/S7346
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=S07346&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07346

Bill	Bill Name	Last Action	Type
A04469	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.	referred to ways and means	Same As
S05897	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 BUDGET AND REVENUE	Reintroduced

Bill > S07346

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary