Wednesday, March 12, 2014
 

 

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Gillibrand proposes expanding tax breaks for child care costs

WASHINGTON – It cost between $12,000 and $14,000 for a year of child care in a day care center in the Hudson Valley, less in some parts of the state and more in other areas.

US Senator Kirsten Gillibrand (D, NY) unveiled her plan to make child care more affordable and accessible for working parents on Tuesday.

“Under my plan we would first double the maximum credit from $1,050 to $3,000 per child by raising the percentage of the tax credit to 50 percent, doubling the amount of eligible expenses to $12,000,” the senator said. “Making the tax credit refundable would help those who are working the most, but don’t earn enough to use the tax credit. This means more savings going back into the pockets of working families.”

Gillibrand is also an original cosponsor of the Child Care and Development Block Grant Act, which was last reauthorized in 1996. For fiscal year 2013, the state received $98 million in those funds to help low-income families gain financial independence.