Quinn pushes for middle-class child care tax credit
City Council Speaker Christine Quinn and state Sen. Simcha Felder announced this weekend proposed legislation that would expand the child care tax credit to middle-class families earning up to $170,000.
The Middle Class Child Care Tax Credit would expand the credit that is currently only offered to families who make $25,000 or less.
“We must rein in the skyrocketing cost of child care and make it affordable for all New Yorkers,” Quinn said.
The average cost of daycare in the city was $14,000 in 2012, according to a statement from Quinn’s office.
Parents with children under the age of 4 will be eligible for the credit. If the legislation is implemented, middle-class families would receive up to $1,000 for one child in tax credits and $2,000 for two or more children.
Expanding the tax credit bracket would cost an estimated $32 million in public money, the New York Post reports.