New York A 10725: Establishes the child care savings program

Bill Text

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A10725 Summary:

BILL NOA10725 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBologna

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add Art 6 Title 1-B §§394-h - 394-o, Soc Serv L; amd §612, Tax L

&nbsp

Establishes the child care savings program; provides for the functions and powers of the comptroller related to such program and for program requirements and limitations.

Go to top A10725 Actions:

BILL NOA10725 

&nbsp

03/27/2026referred to children and families

Go to topA10725 Committee&nbspVotes:

Go to topA10725 Floor&nbspVotes:

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

Go to topA10725 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10725

 IN ASSEMBLY

 March 27, 2026
 ___________

 Introduced by M. of A. BOLOGNA -- read once and referred to the Commit-
 tee on Children and Families

 AN ACT to amend the social services law, in relation to establishing the
 child care savings program

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

 1 Section 1. Article 6 of the social services law is amended by adding a
 2 new title 1-B to read as follows:
 3 TITLE 1-B
 4 CHILD CARE SAVINGS PROGRAM
 5 Section 394-h. Definitions.
 6 394-i. Program established.
 7 394-j. Purposes.
 8 394-k. Functions of the comptroller.
 9 394-l. Powers of the comptroller.
 10 394-m. Program requirements; child care savings account.
 11 394-n. Program limitations; child care savings.
 12 394-o. Payment of matching funds.
 13 § 394-h. Definitions. As used in this title, the following terms shall
 14 have the following meanings:
 15 1. "Account" or "child care savings account" shall mean an individual
 16 savings account established in accordance with the provisions of this
 17 title.
 18 2. "Account owner" shall mean an individual who enters into a child
 19 care savings agreement pursuant to the provisions of this title.
 20 3. "Designated beneficiary" shall mean, with respect to an account,
 21 the designated individual whose child care expenses are expected to be
 22 paid from the account.
 23 4. "Expected designated beneficiary" shall mean, with respect to the
 24 account, the designated individual whose child care expenses are
 25 expected to be paid from the account and who is expected to be born
 26 within ten months.
 27 5. "Financial organization" shall mean an organization authorized to
 28 do business in the state, and (a) which is an authorized fiduciary to

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14805-01-6

 A. 10725 2

 1 act as a trustee pursuant to the provisions of an act of congress enti-
 2 tled "Employee Retirement Income Security Act of 1974", as such
 3 provisions may be amended from time to time, or an insurance company;
 4 and (b)(i) is licensed or chartered by the department of financial
 5 services, (ii) is chartered by an agency of the federal government,
 6 (iii) is subject to the jurisdiction and regulation of the securities
 7 and exchange commission of the federal government, (iv) is any other
 8 entity otherwise authorized to act in this state as a trustee pursuant
 9 to the provisions of an act of congress entitled "Employee Retirement
 10 Income Security Act of 1974", as such provisions may be amended from
 11 time to time, or (v) is any banking organization as defined in subdivi-
 12 sion eleven of section two of the banking law, national banking associ-
 13 ation, state chartered credit union, federal mutual savings bank, feder-
 14 al savings and loan association or federal credit union.
 15 6. "Eligible child care facilities" shall mean any licensed full-day
 16 child care and early education program and centers; licensed part-time
 17 child care and early education program and centers; family child care
 18 homes; and afterschool programs for children aged five through twelve.
 19 7. "Program" shall mean the child care savings program established
 20 pursuant to this title.
 21 8. "Qualified child care expenses" shall mean monies applied for the
 22 services of a licensed child day care center, group family day care
 23 home, family day care home, and school age child care, as such terms are
 24 defined in section three hundred ninety of this article.