Bill > A02674

This bill increases the child and dependent care tax credit for New York State taxpayers by modifying the existing tax law to provide higher credit limits based on the number of qualifying individuals and across different tax years. Specifically, for the tax year beginning in 2025, the bill allows credits ranging from $7,500 for three qualifying individuals to $9,000 for five or more qualifying individuals. For the tax year beginning in 2026, the bill significantly expands these limits, increasing the credit to $6,000 for one qualifying individual, $12,000 for two qualifying individuals, $15,000 for three qualifying individuals, $17,000 for four qualifying individuals, and $18,000 for five or more qualifying individuals. The changes are designed to help offset the rising costs of child and dependent care by providing more substantial tax relief to families and caregivers. The bill amends Section 606 of the tax law and takes effect immediately upon passage, offering taxpayers enhanced financial support for dependent care expenses.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2674