Bill > S03471

This bill establishes a tax credit program to incentivize employers in New York State to provide or sponsor child care for their employees. The bill defines key terms such as "employer provided" (child care offered on the employer's premises) and "employer sponsored" (a contractual arrangement with a child care facility paid for by the employer). The tax credit has two main components: first, employers can receive a credit of 10% of their child care operational costs, up to $10,000, less any amounts paid by employees. Second, employers can receive a credit of 20% for qualified child care property (like land, buildings, improvements, and equipment), not to exceed $20,000. To qualify, child care facilities must be licensed, serve at least 95% children of employees, and cannot provide care to children of employees earning over $200,000 annually. The credit can be carried forward for three years and is available for businesses subject to corporate franchise, personal income, and insurance franchise taxes. Employers must provide detailed documentation about their child care facilities and expenses when claiming the credit. The bill will take effect for taxable years beginning on or after January 1, 2025, and aims to support working parents by making child care more accessible and affordable through tax incentives for businesses.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3471