Relieving The Burden Of Childcare
Tens of thousands of low-income families throughout the city are eligible for a tax credit of up to $1,700 for childcare expenses.
Since daycare expenses are a burden, the mayor's poverty commission proposed the tax credit to cover childcare, allowing low-income parents to work full-time.
The $42 million in credit is covered by the Mayor's Innovation Fund, which is funded through federal, state and city revenue.
Governor Spitzer recently legalized the measure, which assists families with children under age four, making up to $30,000 annually.
"Low-income families juggling dollars for daycare now have a benefit without sacrificing employment and quality care for their child," State Senator Malcolm Smith said in a press release. "If childcare is unavailable to families due to exuberant fees, alternative arrangements tend to be made with unreliable and unlicensed sources."