Establishes the New York State Early Childcare Savings Program to provide tax benefits for childcare savings.

The bill establishes the New York State Early Childcare Savings Program to authorize the creation of early childcare savings accounts. These accounts provide tax benefits for savings intended for qualified childcare services. The program is implemented by the comptroller, who can use financial organizations as account depositories and managers. Contributions to accounts are limited to $100,000 per account, and distributions for non-qualified childcare expenses are subject to penalties.

Establishes the New York State Early Childcare Savings Program to provide tax benefits for childcare savings.

The bill establishes the New York State Early Childcare Savings Program to authorize the creation of early childcare savings accounts. These accounts provide tax benefits for savings intended for qualified childcare services. The program is implemented by the comptroller, who can use financial organizations as account depositories and managers. Contributions to accounts are limited to $100,000 per account, and distributions for non-qualified childcare expenses are subject to penalties.