New York A02674 increases the child and dependent care tax credit to reflect rising costs.

New York A02674 amends the tax law to increase the child and dependent care tax credit. The credit amount varies based on the number of qualifying individuals, ranging from six thousand dollars for one individual to eighteen thousand dollars for five or more individuals. This adjustment aims to better reflect the increasing costs of child and dependent care. The changes will take effect for taxable years beginning in 2025.

New York A02674 increases the child and dependent care tax credit to reflect rising costs.

New York A02674 amends the tax law to increase the child and dependent care tax credit. The credit amount varies based on the number of qualifying individuals, ranging from six thousand dollars for one individual to eighteen thousand dollars for five or more individuals. This adjustment aims to better reflect the increasing costs of child and dependent care. The changes will take effect for taxable years beginning in 2025.