Establishes the child care savings program to incentivize savings for child care expenses.

The bill establishes the child care savings program, allowing residents to open savings accounts for child care expenses. The New York State Comptroller will implement the program, selecting financial organizations to manage accounts. Eligible account owners can receive matching funds up to $15,000. Contributions are limited to $75,000 per year, and non-qualified withdrawals are subject to penalties. The program aims to incentivize savings for child care and ensure state residency is not created by participation.

Establishes the child care savings program to incentivize savings for child care expenses.

The bill establishes the child care savings program, allowing residents to open savings accounts for child care expenses. The New York State Comptroller will implement the program, selecting financial organizations to manage accounts. Eligible account owners can receive matching funds up to $15,000. Contributions are limited to $75,000 per year, and non-qualified withdrawals are subject to penalties. The program aims to incentivize savings for child care and ensure state residency is not created by participation.