New York weighs new approach to high child care costs


Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

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.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
DAVID KLEPPER

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast