The federal child-care subsidy program represents one of the government's largest investments in early care and education. Using data from the nationally representative Early Childhood Longitudinal Study--Birth Cohort, this study examines associations, among subsidy-eligible families, between child-care subsidy receipt when children are 4 years old and a range of school readiness outcomes in kindergarten (sample n = 1,400). Findings suggest that subsidy receipt in preschool is not directly linked to subsequent reading or social-emotional skills. However, subsidy receipt predicted lower math scores among children attending community-based centers. Supplementary analyses revealed that subsidies predicted greater use of center care, but this association did not appear to affect school readiness. (author abstract)