New York State to Offer New Child Care Tax Credit for Businesses
The New York State continues to experience a critical shortage of child care seats throughout the state, particularly seats for infants and toddlers. Despite efforts to increase services, the growing demand still outpaces the availability of accessible and quality childcare seats for New York families. As part of their ongoing efforts to meet this demand, the New York State Office of Children and Family Services (OCFS) partnered with the New York State Department of Taxation and Finance to create the Child Care Creation and Expansion Tax Credit.
This initiative is designed to incentivize and assist businesses that generate greatly needed infant and toddler child care seats. Businesses in New York that provide licensed or registered child day care seats for their employees, either directly or through a third party, can apply for the tax credit. This new childcare tax credit program will be available for two years, and New York State will make $25 million available each year to fund the tax credit. The credit will be allocated based on increased capacity in the infant and/or toddler age groups to each business that demonstrates eligibility until funding is exhausted.
Greater Rochester Chamber has identified childcare expansion as a key workforce development need to support the development of our region. For organizations looking to take advantage of this tax credit or otherwise get involved in our advocacy efforts on this topic, please reach out to Director of Advocacy, Public Policy, and Intergovernmental Affairs Joe Leathersich.
To learn more about the tax credit, eligibility requirements, and application dates, please visit the OCFS website here: https://ocfs.ny.gov/programs/childcare/initiatives/creation-credit.php