Senate Bill S4458

2019-2020 Legislative Session

Increases the child and dependent care tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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Bill Amendments

co-Sponsors

2019-S4458 - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7815
2021-2022: S5408

2019-S4458 - Summary

Increases the child and dependent care tax credit.

2019-S4458 - Sponsor Memo

2019-S4458 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4458
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 12, 2019
                                ___________
 
 Introduced by Sens. RANZENHOFER, CARLUCCI, FELDER, KENNEDY -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on Budget and Revenue
 
 AN  ACT  to  amend  the tax law, in relation to increasing the child and
   dependent care tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
 law,  as added by section 2 of part T of chapter 59 of the laws of 2017,
 is amended to read as follows:
   (1-b) Notwithstanding anything in this subsection to the  contrary,  a
 taxpayer  shall be allowed a credit as provided in this subsection equal
 to the applicable percentage of the credit allowable under section twen-
 ty-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) that would have  been  allowed
 absent the application of section 21(c) of such code [for taxpayers with
 more than two qualifying individuals], provided however, that the credit
 shall  be  calculated  as if the dollar limit on amount creditable shall
 not exceed:
   (I) seven thousand five hundred dollars if there are three  qualifying
 individuals, eight thousand five hundred dollars if there are four qual-
 ifying  individuals, and nine thousand dollars if there are five or more
 qualifying individuals FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINE-
 TEEN; AND
   (II) SIX THOUSAND DOLLARS  IF  THERE  IS  ONE  QUALIFYING  INDIVIDUAL,
 TWELVE THOUSAND DOLLARS IF THERE ARE TWO QUALIFYING INDIVIDUALS, FIFTEEN
 THOUSAND  DOLLARS  IF  THERE ARE THREE QUALIFYING INDIVIDUALS, SEVENTEEN
 THOUSAND DOLLARS IF THERE ARE FOUR QUALIFYING INDIVIDUALS, AND  EIGHTEEN
 THOUSAND  DOLLARS  IF  THERE ARE FIVE OR MORE QUALIFYING INDIVIDUALS FOR
 TAXABLE YEARS BEGINNING ON OR AFTER TWO THOUSAND TWENTY.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2019-S4458A (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7815
2021-2022: S5408

2019-S4458A (ACTIVE) - Summary

Increases the child and dependent care tax credit.

2019-S4458A (ACTIVE) - Sponsor Memo

2019-S4458A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4458--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 12, 2019
                                ___________
 
 Introduced by Sens. RANZENHOFER, CARLUCCI, FELDER, KENNEDY -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on  Budget  and  Revenue -- recommitted to the Committee on Budget and
   Revenue in  accordance  with  Senate  Rule  6,  sec.  8  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to  amend  the tax law, in relation to increasing the child and
   dependent care tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
 law,  as added by section 2 of part T of chapter 59 of the laws of 2017,
 is amended to read as follows:
   (1-b) Notwithstanding anything in this subsection to the  contrary,  a
 taxpayer  shall be allowed a credit as provided in this subsection equal
 to the applicable percentage of the credit allowable under section twen-
 ty-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) that would have  been  allowed
 absent the application of section 21(c) of such code [for taxpayers with
 more than two qualifying individuals], provided however, that the credit
 shall  be  calculated  as if the dollar limit on amount creditable shall
 not exceed:
   (I) seven thousand five hundred dollars if there are three  qualifying
 individuals, eight thousand five hundred dollars if there are four qual-
 ifying  individuals, and nine thousand dollars if there are five or more
 qualifying individuals FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINE-
 TEEN; AND
   (II) SIX THOUSAND DOLLARS  IF  THERE  IS  ONE  QUALIFYING  INDIVIDUAL,
 TWELVE THOUSAND DOLLARS IF THERE ARE TWO QUALIFYING INDIVIDUALS, FIFTEEN
 THOUSAND  DOLLARS  IF  THERE ARE THREE QUALIFYING INDIVIDUALS, SEVENTEEN

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

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