Cuomo proposes doubling of child care tax credit benefits
Gov. Andrew Cuomo is proposing a new tax credit to help families cover the cost of childcare, the third piece of his upcoming State of the State address.
Cuomo’s office said Thursday that the proposal would increase existing benefits for families earning between $50,000 and $150,000 annually, which would affect an estimated 201,857 taxpayers.
Under the current tax benefit structure, the state child and Dependent Care Tax Credit provides benefits that are worth a certain percentage of the benefits provided by a federal tax credit.
Under Cuomo’s proposed plan, an Enhanced Middle Class Child Care Tax Credit would supplement existing benefits. Cuomo’s office estimates that the average benefit for families earning between $50,000 and $150,000 would double from $169 to $376.
Read more: http://blog.timesunion.com/capitol/archives/270861/cuomo-proposes-doubling-of-child-care-tax-credit-benefits/