Financial Assistance Options
Financial Assistance Options
Tax Credits:
Federal and state tax credits can help offset the cost of child care and other expenses for working families. *Amounts are based on Tax Year 2010.
- Earned Income Tax Credit, which helps provide a wage supplement for low and moderate-income families (those earning less than $48,362 annually). This credit is worth up to $5,666, and is refundable.
- Child Tax Credit, designed to help families offset some of the costs of raising children. This credit is worth up to $1,000 per child. Families who owe little or no income tax can receive some or all of this credit as a refund if they earned at least $3,000 in 2010.
- Child and Dependent Care Tax Credit, designed to offset some of the child or dependent care costs that families incur in order to work. This credit is worth up to $2,100, though the amount that can be claimed is limited by a family’s federal income tax liability.
- The Making Work Pay Credit, designed to increase families' take-home pay. This refundable credit is worth up to $800 for couples.
In addition, New York also offers upstate families three other refundable credits:
- New York State Child and Dependent Care Tax Credit, worth up to $2,310;
- New York Earned Income Tax Credit, worth up to $1,700; and
- Empire State Child Credit, worth up to $330 per child.
To learn more about federal and state tax credits, visit www.nwlc.org/LowerYourTaxes.
Military Assistance:
Military Child Care Assistance - Through a partnership with the Department of Defense, NACCRRA offers military families child care assistance. This partnership allows active duty and/or deployed service member’s child care fees if they are unable to get child care on a military base. The program pays part of the family's child care fees directly to the child care provider. Eligibility for the program is based upon the service member's current status. For more information on this assistance program contact Child Care Aware® at 1-800-424-2246 and select the military child care option.