Childcare Tax Credit Bill Introduced in Senate
Legislation that will ease the cost of child care for New York City middle-class families was unveiled by state Sen. Simcha Felder (D-Brooklyn) at a press conference Sunday.
The Middle-Class Child Care Tax Credit, first proposed by Council Speaker Christine Quinn (D-Manhattan), will increase the child care tax credit offered to low-income families to include middle-class households.
New York City has the most expensive infant day care costs in the country. In 2012, the average cost of day care was $14,000. The legislation will make child care more affordable for parents by providing expanded assistance to New Yorkers with children under the age of 4.
Currently, only households with adjusted gross incomes of $25,000 or less can benefit from the full tax credit for child care. The expanded credit will offer tax relief to more than 100,000 families with incomes of up to $170,000.
“Especially during these difficult economic times, we have to do everything we can to ease the burden on taxpayers, and put money back into the pockets of hard-working New Yorkers where it belongs.” Felder said.
This article appeared in print on page D22 of edition of Hamodia.
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