New Legislation Aims to Make Child Care More Affordable
Washington, DC (WBEN) - Senator Kirsten Gillibrand on Tuesday announced new legislation aimed at expanding tax breaks to ease the burden of child care costs.
"In 2012, New York was ranked the second least-affordable in the nation for full time day care for infants," Gillibrand said in a Tuesday conference call. "A two-parent family in New York spends an average of about 16.5 percent of their annual income on child care for an infant."
Gillibrand is hoping to double the child care tax credit families can take and make child care refundable. "Making the tax credit refundable would help those who are working the most but don't earn enough to use the tax credits. This means more savings going back in to the pockets of working families."
The Senator is also proposing a plan to allow families to deduct as much as $14,000 a year for child care. "Under this proposal, a family spending $14,000 a year on child care expenses would be able to lower their tax bill by $3,500."
Gillibrand says that she is confident she will have support for her new legislation, and hopes that Republicans would be able to get behind something that involves a tax break.