Bill Text: NY A02596 | 2021-2022 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for Gold Star children in the amount of $1,500.

Spectrum: Partisan Bill (Democrat 20-0)

Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A02596 Detail]

Download: New_York-2021-A02596-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2596

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 19, 2021
                                       ___________

        Introduced  by M. of A. FALL, DICKENS, JEAN-PIERRE, HEVESI, ENGLEBRIGHT,
          STIRPE, CRUZ, THIELE, SAYEGH, STERN, EPSTEIN, COLTON,  ABBATE,  SANTA-
          BARBARA,  LAVINE,  BARRON,  PICHARDO -- Multi-Sponsored by -- M. of A.
          COOK, DE LA ROSA, GUNTHER -- read once and referred to  the  Committee
          on Ways and Means

        AN  ACT  to  amend the tax law, in relation to establishing a tax credit
          for Gold Star children

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

     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (uuu) to read as follows:
     3    (uuu) Gold star child fee credit. (1) Allowance and amount of  credit.
     4  A  taxpayer who is eighteen years of age or below may claim a tax credit
     5  against the tax imposed by this article in the amount  of  one  thousand
     6  five  hundred  dollars.  Such taxpayer shall be the child of a member of
     7  the armed forces of the United States having died in the performance  of
     8  duty  in  time  of  war.   In no event shall the credit provided in this
     9  subsection be allowed in excess of the taxpayer's tax for such year.
    10    (2) Application of credit. If the amount of the  credit  shall  exceed
    11  the taxpayer's tax for such year the excess shall be carried over to the
    12  following year or years, and may be deducted from the taxpayer's tax for
    13  such year or years.
    14    § 2. This act shall take effect immediately and shall apply to taxable
    15  years beginning on or after January 1, 2023.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06099-01-1