Bill > S05959

This bill creates tax deductions for businesses that invest in child care facilities, offering two distinct scenarios with different tax benefits. For businesses operating child care facilities for profit, the bill allows a tax deduction for expenses related to acquiring, constructing, renovating, or remodeling the facility, which can be spread out over 60 months. For businesses that operate child care facilities primarily for their employees' children, the bill provides a similar tax deduction that can be spread out over 24 months and is considered an alternative to standard depreciation allowances. These deductions apply across multiple tax types, including corporation tax, franchise tax, personal income tax, and tax on banks. The deduction covers both the facility itself and its equipment, and becomes effective immediately upon passage. By providing these tax incentives, the bill aims to encourage businesses to invest in child care infrastructure and support working parents by making it more financially attractive to create or improve child care facilities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5959