The recently passed New York state budget has some good news for larger families with childcare costs.
The budget, signed into law by Gov. Andrew Cuomo last week, raises the number of children eligible for the childcare tax credit from two to five. In addition, the amount of money families may receive increased from $6,000 to $9,000.
The measure, sponsored by state Sen. Simcha Felder, also doubles the credit for families earning more than $50,000. The average cost of daycare in 2015 in New York City, among the most expensive cities in the country, was more than $16,000.
“Many New York families have more than two children, so why should the tax credit stop at two?” Felder said. “By expanding the child care tax credit, New York is making it easier for middle-class parents to work and raise a family.”