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Gov. Andrew Cuomo Wants To Increase Child Care Tax Credit

By Staff


cuomo - newAhead of his annual State of the State address this January, New York Governor Andrew Cuomo is touting a new tax break for middle class families.

Going on vacations, weekend getaways, and fun camping trips can be difficult for many families because of financial restrictions. In 2010, roughly 40 million people enjoyed approximately 515 million camp outings. But because times have been so tough, many families haven’t been able to enjoy those types of leisure activities as much.

Gov. Cuomo wants to fix that, at least for some middle class families in New York, and the governor is planning to give these families an expanded tax credit.

According to the Democrat and Chronicle, Gov. Cuomo plans on announcing his tax break at his State of the State address, where he will be giving a series of speeches in six different parts of New York.

Gov. Cuomo’s office has been slowly hinting at the state tax credit for the middle class with child care expenses, and as of January 5, Gov. Cuomo is publicly boosting this plan.

“This newly-enhanced credit will make it easier for more New Yorkers to be able to secure day care for their children and able to enter or stay in the work force with peace of mind,” said Gov. Cuomo in an official statement.

The proposal would increase credit for families that earn between $50,000 and $150,000 a year, and the average credit jump would be from $169 to $376 per year.

“Far too many parents have to sacrifice working to build their family’s financial future because affordable, high quality day care is financially out of reach,” added Gov. Cuomo.

Times Union repots that there are an estimated 201,857 taxpayers that fall between the family income of $50,000 and $150,000 annually and would be positively affected by the proposal.

The cost of this proposal is estimated at $42 million, and there is no word yet on where the money will come from to fund the expanded credit. However, Gov. Cuomo will unveil his entire state 2017 budget proposal by mid-January.

The proposal is still in need of approval by the New York State Legislature.

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