S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9264
 
                           I N  A S S E M B L Y
 
                             February 22, 2024
                                ___________
 
 Introduced  by M. of A. RA, JENSEN, GANDOLFO, MAHER, SLATER -- read once
   and referred to the Committee on Ways and Means
 
 AN ACT to amend the social services and the  tax  law,  in  relation  to
   establishing  the  child  care  program capital improvement tax credit
   program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Article 6 of the social services law is amended by adding a
 new title 13 to read as follows:
 
                                 TITLE 13
         CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT PROGRAM
 SECTION 458-P. SHORT TITLE.
         458-Q. STATEMENT OF LEGISLATIVE FINDINGS AND DECLARATION.
         458-R. DEFINITIONS.
         458-S. ELIGIBILITY CRITERIA.
         458-T. APPLICATION AND APPROVAL PROCESS.
         458-U. CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT.
         458-V. POWERS AND DUTIES OF THE COMMISSIONER.
         458-W. MAINTENANCE OF RECORDS.
         458-X. REPORTING.
         458-Y. CAP ON TAX CREDIT.
   §  458-P.  SHORT  TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT PROGRAM ACT".
   § 458-Q. STATEMENT OF LEGISLATIVE  FINDINGS  AND  DECLARATION.  IT  IS
 HEREBY  FOUND  AND  DECLARED  THAT  NEW YORK STATE NEEDS, AS A MATTER OF
 PUBLIC POLICY, TO SUPPORT INCREASED ACCESS TO QUALITY CHILD CARE FOR NEW
 YORK FAMILIES. THE CHILD CARE PROGRAM  CAPITAL  IMPROVEMENT  TAX  CREDIT
 PROGRAM  IS  CREATED TO PROVIDE FINANCIAL ASSISTANCE TO NEW YORK'S CHILD
 CARE PROVIDERS TO FACILITATE THE ENHANCEMENT, EXPANSION, AND IMPROVEMENT
 OF ACCESS TO QUALITY CHILD CARE.
   § 458-R. DEFINITIONS. FOR THE PURPOSES OF THIS TITLE:
   1. "CERTIFICATE OF TAX CREDIT" SHALL MEAN THE  DOCUMENT  ISSUED  TO  A
 BUSINESS  ENTITY  BY  THE  OFFICE AFTER THE OFFICE HAS VERIFIED THAT THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13858-01-3
 A. 9264                             2
 
 BUSINESS ENTITY HAS MET ALL  APPLICABLE  ELIGIBILITY  CRITERIA  IN  THIS
 TITLE.  THE CERTIFICATE SHALL SPECIFY THE EXACT AMOUNT OF THE TAX CREDIT
 UNDER THIS TITLE THAT A BUSINESS ENTITY MAY CLAIM, PURSUANT  TO  SECTION
 FOUR HUNDRED FIFTY-EIGHT-U OF THIS TITLE.
   2.  "COMMISSIONER"  SHALL MEAN THE COMMISSIONER OF THE OFFICE OF CHIL-
 DREN AND FAMILY SERVICES.
   3. "OFFICE" SHALL MEAN THE OFFICE OF CHILDREN AND FAMILY SERVICES.
   4. "QUALIFIED CHILD CARE  PROGRAM  CAPITAL  COSTS"  SHALL  MEAN  COSTS
 INCURRED  FROM  THE IMPROVEMENT, EXPANSION, ENHANCEMENT, OR TO GENERALLY
 INCREASE THE SAFETY OF CHILD CARE PROGRAMS,  INCLUDING  COSTS  FOR:  (I)
 MATERIALS  REQUIRED  FOR  EXPANSION PROJECTS; (II) BUILDING CONSTRUCTION
 AND RETROFITS; (III) INSTALLATION OF AIR PURIFYING EQUIPMENT;  AND  (IV)
 OTHER COSTS AS DETERMINED BY THE OFFICE TO BE ELIGIBLE UNDER THIS TITLE.
   §  458-S.  ELIGIBILITY  CRITERIA.  1.  TO BE ELIGIBLE FOR A TAX CREDIT
 UNDER THE CHILD CARE CAPITAL IMPROVEMENT TAX CREDIT PROGRAM, A  BUSINESS
 ENTITY SHALL:
   (A)  BE  A  CHILD  CARE PROGRAM FOR WHICH A LICENSE OR REGISTRATION TO
 OPERATE SUCH PROGRAM HAS BEEN ISSUED BY THE OFFICE PURSUANT  TO  SECTION
 THREE HUNDRED NINETY OF THIS ARTICLE; AND
   (B)  HAVE  AT  LEAST  TWO  THOUSAND  DOLLARS  IN QUALIFYING CHILD CARE
 PROGRAM IMPROVEMENT CAPITAL COSTS.
   2. A CHILD CARE PROGRAM SHALL BE IN SUBSTANTIAL  COMPLIANCE  WITH  ANY
 PUBLIC  HEALTH  OR  OTHER EMERGENCY ORDERS OR REGULATIONS RELATED TO THE
 ENTITY'S BUSINESS SECTOR OR OTHER LAWS AND REGULATIONS AS DETERMINED  BY
 THE COMMISSIONER. IN ADDITION, A CHILD CARE PROGRAM MAY NOT OWE PAST DUE
 STATE TAXES OR LOCAL PROPERTY TAXES UNLESS THE BUSINESS ENTITY IS MAKING
 PAYMENTS  AND  COMPLYING  WITH  AN  APPROVED  BINDING  PAYMENT AGREEMENT
 ENTERED INTO WITH THE TAXING AUTHORITY.
   § 458-T. APPLICATION AND APPROVAL PROCESS. 1.  A  CHILD  CARE  PROGRAM
 SHALL SUBMIT A COMPLETE APPLICATION AS PRESCRIBED BY THE COMMISSIONER.
   2.  THE  COMMISSIONER  SHALL  ESTABLISH PROCEDURES AND A TIMEFRAME FOR
 CHILD CARE FACILITIES TO SUBMIT APPLICATIONS. AS PART  OF  THE  APPLICA-
 TION, EACH CHILD CARE PROGRAM SHALL:
   (A)  PROVIDE  EVIDENCE  IN A FORM AND MANNER PRESCRIBED BY THE COMMIS-
 SIONER OF THEIR ELIGIBILITY;
   (B) AGREE TO ALLOW THE DEPARTMENT OF TAXATION AND FINANCE TO SHARE THE
 CHILD CARE PROGRAM'S TAX INFORMATION WITH THE OFFICE; PROVIDED, HOWEVER,
 THAT ANY INFORMATION SHARED AS A RESULT OF THIS  PROGRAM  SHALL  NOT  BE
 AVAILABLE FOR DISCLOSURE OR INSPECTION UNDER THE STATE FREEDOM OF INFOR-
 MATION LAW;
   (C)  ALLOW  THE  OFFICE AND ITS AGENTS ACCESS TO ANY AND ALL BOOKS AND
 RECORDS THE OFFICE MAY REQUIRE TO MONITOR COMPLIANCE;
   (D) CERTIFY, UNDER PENALTY OF  PERJURY,  THAT  IT  IS  IN  SUBSTANTIAL
 COMPLIANCE  WITH  ALL  EMERGENCY  ORDERS  OR  PUBLIC  HEALTH REGULATIONS
 CURRENTLY REQUIRED OF SUCH ENTITY, AND LOCAL, AND STATE TAX LAWS; AND
   (E) AGREE TO PROVIDE ANY ADDITIONAL INFORMATION REQUIRED BY THE OFFICE
 RELEVANT TO THIS ARTICLE.
   3. AFTER REVIEWING A CHILD CARE PROGRAM'S COMPLETED FINAL  APPLICATION
 AND  DETERMINING THAT THE BUSINESS ENTITY MEETS THE ELIGIBILITY CRITERIA
 AS SET FORTH IN THIS ARTICLE, THE OFFICE MAY ISSUE TO  THAT  CHILD  CARE
 PROGRAM A CERTIFICATE OF TAX CREDIT.
   4. THE COMMISSIONER SHALL ESTABLISH AN ANNUAL APPLICATION DEADLINE AND
 PROVIDE  ALL  APPLICABLE  DEADLINE  AND  APPLICATION  MATERIALS  ON  ITS
 WEBSITE.
   § 458-U. CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT. 1. A BUSI-
 NESS ENTITY IN THE CHILD CARE FACILITY CAPITAL  IMPROVEMENT  TAX  CREDIT
 A. 9264                             3
 
 PROGRAM  THAT MEETS THE ELIGIBILITY REQUIREMENTS OF SECTION FOUR HUNDRED
 FIFTY-EIGHT-S OF THIS TITLE MAY BE ELIGIBLE TO CLAIM A CREDIT  EQUAL  TO
 FIFTY  PERCENT  OF  ITS  QUALIFIED  CHILD  CARE PROGRAM CAPITAL COSTS AS
 DEFINED  IN  SUBDIVISION  FOUR  OF SECTION FOUR HUNDRED FIFTY-EIGHT-R OF
 THIS TITLE; PROVIDED, HOWEVER, THAT SUCH CREDIT SHALL NOT BE  LESS  THAN
 ONE THOUSAND DOLLARS.
   2.  A  BUSINESS  ENTITY,  INCLUDING  A  PARTNERSHIP, LIMITED LIABILITY
 COMPANY AND SUBCHAPTER S CORPORATION, MAY NOT RECEIVE A CREDIT IN EXCESS
 OF FIFTY THOUSAND DOLLARS UNDER THIS PROGRAM.
   3. THE CREDIT SHALL BE ALLOWED  AS  PROVIDED  IN  SECTION  FORTY-NINE,
 SUBDIVISION  SIXTY  OF SECTION TWO HUNDRED TEN-B AND SUBSECTION (PPP) OF
 SECTION SIX HUNDRED SIX OF THE TAX LAW.
   4. A BUSINESS ENTITY MAY CLAIM THE TAX CREDIT IN THE TAXABLE YEAR THAT
 INCLUDES THE DATE THE CERTIFICATE OF TAX CREDIT WAS ISSUED BY THE OFFICE
 PURSUANT TO SUBDIVISION THREE OF SECTION FOUR HUNDRED  FIFTY-EIGHT-T  OF
 THIS TITLE.
   §  458-V.  POWERS  AND DUTIES OF THE COMMISSIONER. 1. THE COMMISSIONER
 MAY PROMULGATE  REGULATIONS  ESTABLISHING  AN  APPLICATION  PROCESS  AND
 ELIGIBILITY CRITERIA, THAT SHALL BE APPLIED CONSISTENT WITH THE PURPOSES
 OF  THIS  TITLE,  SO  AS NOT TO EXCEED THE ANNUAL CAP ON TAX CREDITS SET
 FORTH IN  SECTION  FOUR  HUNDRED  FIFTY-EIGHT-Y  OF  THIS  TITLE  WHICH,
 NOTWITHSTANDING  ANY PROVISIONS TO THE CONTRARY IN THE STATE ADMINISTRA-
 TIVE PROCEDURE ACT, MAY BE ADOPTED ON AN EMERGENCY BASIS.
   2. THE COMMISSIONER SHALL, IN  CONSULTATION  WITH  THE  DEPARTMENT  OF
 TAXATION  AND FINANCE, DEVELOP A CERTIFICATE OF TAX CREDIT THAT SHALL BE
 ISSUED BY THE COMMISSIONER  TO  ELIGIBLE  BUSINESSES.  SUCH  CERTIFICATE
 SHALL CONTAIN SUCH INFORMATION AS REQUIRED BY THE DEPARTMENT OF TAXATION
 AND FINANCE.
   3.  THE  COMMISSIONER  SHALL  SOLELY  DETERMINE THE ELIGIBILITY OF ANY
 APPLICANT APPLYING FOR ENTRY INTO THE PROGRAM AND SHALL REMOVE ANY BUSI-
 NESS ENTITY FROM THE PROGRAM FOR FAILING TO MEET ANY OF THE REQUIREMENTS
 SET FORTH IN SECTION FOUR HUNDRED FIFTY-EIGHT-S OF  THIS  TITLE  OR  FOR
 FAILING TO MEET THE REQUIREMENTS SET FORTH IN SUBDIVISION ONE OF SECTION
 FOUR HUNDRED FIFTY-EIGHT-T OF THIS TITLE.
   § 458-W. MAINTENANCE OF RECORDS. EACH BUSINESS ENTITY PARTICIPATING IN
 THE  PROGRAM  SHALL  KEEP  ALL  RELEVANT  RECORDS  FOR THEIR DURATION OF
 PROGRAM PARTICIPATION FOR AT LEAST THREE YEARS.
   § 458-X. REPORTING. EACH BUSINESS ENTITY PARTICIPATING IN THIS PROGRAM
 SHALL SUBMIT A PERFORMANCE REPORT TO THE OFFICE AT A TIME PRESCRIBED  IN
 REGULATIONS  BY  THE COMMISSIONER.  THE COMMISSIONER SHALL, ON OR BEFORE
 APRIL FIRST, TWO THOUSAND TWENTY-FOUR AND EVERY QUARTER THEREAFTER UNTIL
 PROGRAM FUNDS ARE FULLY EXPENDED, SUBMIT A REPORT TO THE  GOVERNOR,  THE
 TEMPORARY  PRESIDENT  OF  THE  SENATE,  THE SPEAKER OF THE ASSEMBLY, THE
 CHAIR OF THE SENATE FINANCE COMMITTEE, AND THE  CHAIR  OF  THE  ASSEMBLY
 WAYS AND MEANS COMMITTEE, SETTING FORTH THE ACTIVITIES UNDERTAKEN BY THE
 PROGRAM.  SUCH  REPORT SHALL INCLUDE, BUT NOT NECESSARILY BE LIMITED TO,
 THE FOLLOWING IN EACH REPORTING PERIOD TO THE EXTENT SUCH INFORMATION IS
 AVAILABLE: THE TOTAL NUMBER OF PARTICIPANTS APPROVED AND THE  REGION  IN
 WHICH  THE  BUSINESS  IS LOCATED; THE TOTAL AMOUNT OF PAYMENTS DISBURSED
 AND TAX CREDITS CLAIMED, AND THE AVERAGE AMOUNT  OF  PAYMENTS  DISBURSED
 AND TAX CREDITS CLAIMED; THE NAMES OF PAYMENT RECIPIENTS AND TAX CREDITS
 CLAIMED;  AND  SUCH  OTHER  INFORMATION  AS  THE COMMISSIONER DETERMINES
 NECESSARY AND APPROPRIATE TO EFFECTUATE THE PURPOSE OF THE PROGRAM. SUCH
 REPORTS SHALL, AT THE SAME TIME, BE INCLUDED ON THE OFFICE'S WEBSITE.
 A. 9264                             4
 
   § 458-Y. CAP ON TAX CREDIT. THE TOTAL AMOUNT OF TAX CREDITS LISTED  ON
 CERTIFICATES  OF  TAX CREDIT ISSUED BY THE COMMISSIONER PURSUANT TO THIS
 TITLE MAY NOT EXCEED TWO HUNDRED FIFTY MILLION DOLLARS.
   §  2.  The  tax  law  is amended by adding a new section 49 to read as
 follows:
   § 49. CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT. (A) ALLOWANCE
 OF CREDIT.  A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO
 OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT  TO
 THE PROVISIONS REFERENCED IN SUBDIVISION (F) OF THIS SECTION. THE AMOUNT
 OF THE CREDIT IS EQUAL TO THE AMOUNT DETERMINED PURSUANT TO SECTION FOUR
 HUNDRED  FIFTY-EIGHT-U  OF  THE  SOCIAL SERVICES LAW. NO COST OR EXPENSE
 PAID OR INCURRED BY THE TAXPAYER WHICH IS INCLUDED AS PART OF THE CALCU-
 LATION OF THIS CREDIT SHALL BE THE BASIS OF ANY OTHER TAX CREDIT ALLOWED
 UNDER THIS CHAPTER.
   (B) ELIGIBILITY. TO BE ELIGIBLE FOR THE  CHILD  CARE  PROGRAM  CAPITAL
 IMPROVEMENT  TAX  CREDIT,  THE TAXPAYER SHALL HAVE BEEN ISSUED A CERTIF-
 ICATE OF TAX CREDIT BY THE OFFICE OF CHILDREN AND FAMILY SERVICES PURSU-
 ANT TO SUBDIVISION THREE OF SECTION FOUR HUNDRED  FIFTY-EIGHT-S  OF  THE
 SOCIAL SERVICES LAW, WHICH CERTIFICATE SHALL SET FORTH THE AMOUNT OF THE
 CREDIT  THAT  MAY BE CLAIMED FOR THE TAXABLE YEAR. THE TAXPAYER SHALL BE
 ALLOWED TO CLAIM ONLY THE AMOUNT LISTED ON THE CERTIFICATE OF TAX CREDIT
 FOR THAT TAXABLE YEAR.  A TAXPAYER THAT IS A PARTNER IN  A  PARTNERSHIP,
 MEMBER  OF  A LIMITED LIABILITY COMPANY OR SHAREHOLDER IN A SUBCHAPTER S
 CORPORATION THAT HAS RECEIVED A  CERTIFICATE  OF  TAX  CREDIT  SHALL  BE
 ALLOWED  ITS  PRO  RATA  SHARE  OF THE CREDIT EARNED BY THE PARTNERSHIP,
 LIMITED LIABILITY COMPANY OR SUBCHAPTER S CORPORATION.
   (C) TAX RETURN REQUIREMENT. THE TAXPAYER SHALL BE REQUIRED  TO  ATTACH
 TO  ITS  TAX RETURN IN THE FORM PRESCRIBED BY THE COMMISSIONER, PROOF OF
 RECEIPT OF ITS CERTIFICATE OF TAX CREDIT ISSUED BY THE  COMMISSIONER  OF
 THE OFFICE OF CHILDREN AND FAMILY SERVICES.
   (D)  INFORMATION  SHARING. NOTWITHSTANDING ANY PROVISION OF THIS CHAP-
 TER, EMPLOYEES OF THE OFFICE OF CHILDREN AND  FAMILY  SERVICES  AND  THE
 DEPARTMENT SHALL BE ALLOWED AND ARE DIRECTED TO SHARE AND EXCHANGE:
   (1)  INFORMATION  DERIVED FROM TAX RETURNS OR REPORTS THAT IS RELEVANT
 TO A TAXPAYER'S ELIGIBILITY TO PARTICIPATE IN  THE  CHILD  CARE  PROGRAM
 CAPITAL IMPROVEMENT TAX CREDIT PROGRAM;
   (2)  INFORMATION  REGARDING THE CREDIT APPLIED FOR, ALLOWED OR CLAIMED
 PURSUANT TO THIS SECTION AND TAXPAYERS THAT ARE APPLYING FOR THE  CREDIT
 OR THAT ARE CLAIMING THE CREDIT; AND
   (3)  INFORMATION  CONTAINED  IN  OR  DERIVED  FROM  CREDIT CLAIM FORMS
 SUBMITTED TO THE OFFICE AND APPLICATIONS FOR ADMISSION  INTO  THE  CHILD
 CARE  PROGRAM CAPITAL IMPROVEMENT TAX CREDIT PROGRAM. EXCEPT AS PROVIDED
 IN PARAGRAPH TWO OF THIS SUBDIVISION, ALL INFORMATION EXCHANGED  BETWEEN
 THE  OFFICE OF CHILDREN AND FAMILY SERVICES AND THE DEPARTMENT SHALL NOT
 BE SUBJECT TO DISCLOSURE OR INSPECTION  UNDER  THE  STATE'S  FREEDOM  OF
 INFORMATION LAW.
   (E)  CREDIT  RECAPTURE.  IF  A CERTIFICATE OF TAX CREDIT ISSUED BY THE
 OFFICE OF CHILDREN AND FAMILY  SERVICES  UNDER  TITLE  THIRTEEN  OF  THE
 SOCIAL  SERVICES  LAW  IS  REVOKED  BY SUCH OFFICE, THE AMOUNT OF CREDIT
 DESCRIBED IN THIS SECTION AND CLAIMED BY  THE  TAXPAYER  PRIOR  TO  THAT
 REVOCATION  SHALL  BE ADDED BACK TO TAX IN THE TAXABLE YEAR IN WHICH ANY
 SUCH REVOCATION BECOMES FINAL.
   (F) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 60;
   (2) ARTICLE 22: SECTION 606, SUBSECTION (PPP).
 A. 9264                             5
 
   §  3. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 60 to read as follows:
   60.  CHILD  CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT. (A) ALLOWANCE
 OF CREDIT.  A TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS
 PROVIDED  IN  SECTION  FORTY-NINE  OF  THIS  CHAPTER,  AGAINST THE TAXES
 IMPOSED BY THIS ARTICLE.
   (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  THE TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE AMOUNT PRESCRIBED  IN  PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CRED-
 IT  ALLOWED  UNDER THIS SUBDIVISION FOR THE TAXABLE YEAR REDUCES THE TAX
 TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE  FIXED
 DOLLAR  MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
 NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
   §  4. Section 606 of the tax law is amended by adding a new subsection
 (ppp) to read as follows:
   (PPP) CHILD CARE PROGRAM CAPITAL IMPROVEMENT TAX CREDIT. (1) ALLOWANCE
 OF CREDIT.  A TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS
 PROVIDED  IN SECTION FORTY-NINE OF THIS CHAPTER, AGAINST THE TAX IMPOSED
 BY THIS ARTICLE.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED
 EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST WILL  BE
 PAID THEREON.
   §  5. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by  adding  a  new  clause  (li)  to  read  as
 follows:
 (LI) CHILD CARE PROGRAM              AMOUNT OF CREDIT UNDER
 CAPITAL UNDER IMPROVEMENT            SUBDIVISION SIXTY OF SECTION TWO
 SUBSECTION (PPP)                     HUNDRED TEN-B
   § 6. This act shall take effect immediately.