NY S08943

Establishes a tax credit equal to 10 percent of child care operational costs, capped at $10,000 per year, for employers providing or sponsoring child care for employees.

Provides an additional 20 percent credit (capped at $20,000) for the year qualified child care property is first placed in service, including costs for land, buildings, equipment, and improvements purchased or acquired on or after January 1, 2020.

Requires child care facilities to be licensed by the Office of Children and Family Services or city department of health, with at least 95 percent of users being children of employees, and excludes costs for care of employees with annual household income exceeding $200,000.

Allows unused credits to carry forward for three years and limits total credit usage to 50 percent of the employer's tax liability in any given year.

Applies to business franchise taxes (Article 9-A), personal income taxes (Article 22), and insurance franchise taxes (Article 33) for taxable years beginning on or after January 1, 2020.