New York S 5866: Relates to membership in the New York city teachers' retirement system

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S05866 Summary:

BILL NOS05866 

&nbsp

SAME ASSAME AS A06176

&nbsp

SPONSORGOUNARDES

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add Art 24-C §§880 - 886, amd §612, Tax L

&nbsp

Establishes authority for early childcare savings accounts to provide tax benefits for savings for qualified childcare services; provides for the functions and powers of the comptroller; provides for the program requirements and limitations.

Go to top S05866 Actions:

BILL NOS05866 

&nbsp

03/03/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS05866 Committee&nbspVotes:

Go to topS05866 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05866 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5866

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to establishing the New York
 state early childcare savings program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new article 24-C to read
 2 as follows:
 3 ARTICLE 24-C
 4 NEW YORK STATE EARLY CHILDCARE
 5 SAVINGS PROGRAM
 6 Section 880. Program established.
 7 881. Purposes.
 8 882. Definitions.
 9 883. Functions of the comptroller.
 10 884. Powers of the comptroller.
 11 885. Program requirements; early childcare savings account.
 12 886. Program limitations; early childcare savings.
 13 § 880. Program established. There is hereby established the New York
 14 state early childcare savings program.
 15 § 881. Purposes. The purposes of the program shall be to authorize the
 16 establishment of early childcare savings accounts and to provide guide-
 17 lines for the maintenance of such accounts to:
 18 1. Enable residents of this state to benefit from the tax incentive
 19 provided for qualified early childcare savings accounts under section
 20 six hundred twelve of this chapter;
 21 2. Allow more residents to stay in the workforce by providing a means
 22 to save and pay for childcare; and
 23 3. Provide opportunities for all children to receive quality child-
 24 care.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07781-01-5

 S. 5866 2

 1 § 882. Definitions. As used in this article, the following terms shall
 2 have the following meanings:
 3 1. "Account" or "early childcare savings account" shall mean an indi-
 4 vidual savings account established in accordance with the provisions of
 5 this article.
 6 2. "Account owner" shall mean a taxpayer who enters into an early
 7 childcare savings agreement pursuant to the provisions of this article,
 8 including a person who enters into such an agreement as a fiduciary or
 9 agent on behalf of a trust, estate, partnership, association, company or
 10 corporation.
 11 3. "Designated beneficiary" shall mean, with respect to an account or
 12 accounts, the designated individual whose early childcare expenses are
 13 expected to be paid from the account or accounts.
 14 4. "Financial organization" shall mean an organization authorized to
 15 do business in the state, and (a) which is an authorized fiduciary to
 16 act as a trustee pursuant to the provisions of an act of congress enti-
 17 tled "Employee Retirement Income Security Act of 1974", as such
 18 provisions may be amended from time to time, or an insurance company;
 19 and (b)(i) is licensed or chartered by the department of financial
 20 services, (ii) is chartered by an agency of the federal government,
 21 (iii) is subject to the jurisdiction and regulation of the securities
 22 and exchange commission of the federal government, (iv) is any other
 23 entity otherwise authorized to act in this state as a trustee pursuant
 24 to the provisions of an act of congress entitled "Employee Retirement
 25 Income Security Act of 1974", as such provisions may be amended from
 26 time to time, or (v) is any banking organization as defined in subdivi-
 27 sion eleven of section