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ALBANY, N.Y. (AP) — New York may allow the parents of young children to defer a piece of their state taxes to help cover the cost of child care.
The proposal was announced this past week by state Sen. Daniel Squadron and is believed to be the first of its kind in the nation. The Brooklyn Democrat said in an interview that as the parent of young children, he understands the financial burden it can bring.
Under the legislation, parents could defer up to $2,000 a year to help cover child care costs. They would get up to 10 years to pay the deferred taxes, interest-free, once the child is of school age.
So far the proposal has no opposition.
Child care costs on average more than $10,000 a year in New York.
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