New York S05959 creates tax deductions for costs of acquiring or improving child care facilities.

New York S05959 amends the tax law to provide tax deductions for expenditures made to acquire, construct, renovate, or remodel child care facilities. It allows a deduction from taxable income for taxpayers operating child care facilities for profit and for those operating primarily for their employees' children. The deduction for profit-operated facilities is spread over 24 months, while the deduction for employee-focused facilities is spread over 60 months.

New York S05959 creates tax deductions for costs of acquiring or improving child care facilities.

New York S05959 amends the tax law to provide tax deductions for expenditures made to acquire, construct, renovate, or remodel child care facilities. It allows a deduction from taxable income for taxpayers operating child care facilities for profit and for those operating primarily for their employees' children. The deduction for profit-operated facilities is spread over 24 months, while the deduction for employee-focused facilities is spread over 60 months.