Senate Bill S3330

2023-2024 Legislative Session

Establishes authority for early childcare savings accounts

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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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2023-S3330 (ACTIVE) - Details

See Assembly Version of this Bill:
A8337
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add Art 24-C §§880 - 886, amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7075, A9626
2021-2022: S4842, A5102

2023-S3330 (ACTIVE) - Summary

Establishes authority for early childcare savings accounts to provide tax benefits for savings for qualified childcare services; provides for the functions and powers of the comptroller; provides for the program requirements and limitations.

2023-S3330 (ACTIVE) - Sponsor Memo

2023-S3330 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3330
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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 establishing the New York
   state early childcare savings program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new article 24-C to read
 as follows:
                               ARTICLE 24-C
                      NEW YORK STATE EARLY CHILDCARE
                              SAVINGS PROGRAM
 SECTION 880. PROGRAM ESTABLISHED.
         881. PURPOSES.
         882. DEFINITIONS.
         883. FUNCTIONS OF THE COMPTROLLER.
         884. POWERS OF THE COMPTROLLER.
         885. PROGRAM REQUIREMENTS; EARLY CHILDCARE SAVINGS ACCOUNT.
         886. PROGRAM LIMITATIONS; EARLY CHILDCARE SAVINGS.
   §  880.  PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED THE NEW YORK
 STATE EARLY CHILDCARE SAVINGS PROGRAM.
   § 881. PURPOSES. THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE THE
 ESTABLISHMENT OF EARLY CHILDCARE SAVINGS ACCOUNTS AND TO PROVIDE  GUIDE-
 LINES FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:
   1.  ENABLE  RESIDENTS  OF THIS STATE TO BENEFIT FROM THE TAX INCENTIVE
 PROVIDED FOR QUALIFIED EARLY CHILDCARE SAVINGS  ACCOUNTS  UNDER  SECTION
 SIX HUNDRED TWELVE OF THIS CHAPTER;
   2.  ALLOW MORE RESIDENTS TO STAY IN THE WORKFORCE BY PROVIDING A MEANS
 TO SAVE AND PAY FOR CHILDCARE; AND
   3. PROVIDE OPPORTUNITIES FOR ALL CHILDREN TO  RECEIVE  QUALITY  CHILD-
 CARE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07462-01-3
              

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