NY A05758

Establishes the New York State Small Business Child and Dependent Care Savings Program, a payroll deduction program for employees of small businesses to save for child and dependent care expenses.

Defines eligible small businesses as those with 1-100 employees that have been in operation for at least two years and do not currently offer a child and dependent care savings plan.

Designates the Commissioner of Labor and State Comptroller as joint administrators responsible for program design, enrollment processes, contribution levels, and withdrawal provisions consistent with Internal Revenue Code sections 125 and 129.

Requires participating employers to establish payroll deduction arrangements allowing employees to voluntarily contribute a portion of wages to the program, with contributions due to the fund by the last day of the following month or by the tax deposit deadline.

Creates a dedicated fund within joint custody of the Commissioner of Taxation and Finance and State Comptroller, operated separately from state funds with no state liability for benefits accrued by enrollees.