Senate Bill S1003

2009-2010 Legislative Session

Increases the child and dependent care credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S1003 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S2273

2009-S1003 (ACTIVE) - Summary

Increases the child and dependent care credit in computing personal income tax liability from 20% to 50% of the allowable federal child and dependent care tax credit.

2009-S1003 (ACTIVE) - Sponsor Memo

2009-S1003 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1003

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 22, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to increasing the minimum child
  and dependent care credit against the personal income tax

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  1  of subsection (c) of section 606 of the tax
law, as amended by section 1 of part M of chapter  63  of  the  laws  of
2000, is amended to read as follows:
  (1)  A  taxpayer shall be allowed a credit as provided herein equal to
the applicable percentage of the credit allowable under section  twenty-
one  of  the  internal  revenue  code for the same taxable year (without
regard to whether the taxpayer in fact claimed  the  credit  under  such
section  twenty-one  for  such  taxable year). The applicable percentage
shall be the sum of (i) [twenty] FIFTY percent  and  (ii)  a  multiplier
multiplied  by  a  fraction.  For  taxable  years  beginning in nineteen
hundred ninety-six and nineteen hundred ninety-seven, the  numerator  of
such  fraction  shall be the lesser of (i) four thousand dollars or (ii)
fourteen thousand dollars less the New York adjusted  gross  income  for
the  taxable  year,  provided,  however, the numerator shall not be less
than zero. For the taxable year beginning in  nineteen  hundred  ninety-
eight,  the  numerator of such fraction shall be the lesser of (i) thir-
teen thousand dollars or (ii) thirty thousand dollars less the New  York
adjusted  gross  income  for  the  taxable  year, provided, however, the
numerator shall not be less than zero. For taxable  years  beginning  in
nineteen  hundred  ninety-nine,  the numerator of such fraction shall be
the lesser of (i)  fifteen  thousand  dollars  or  (ii)  fifty  thousand
dollars  less  the  New York adjusted gross income for the taxable year,
provided, however, the numerator shall not be less than zero. For  taxa-
ble years beginning after nineteen hundred ninety-nine, the numerator of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06654-01-9
              

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