Bill Text: NY A03911 | 2023-2024 | General Assembly | Introduced

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Bill Title: Expands the empire state child credit to cover children under the age of four; doubles such credit for young children.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A03911 Detail]

Download: New_York-2023-A03911-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3911

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 8, 2023
                                       ___________

        Introduced  by  M. of A. FAHY -- read once and referred to the Committee
          on Ways and Means

        AN ACT to amend the tax law, in relation to expanding the  empire  state
          child credit to cover children under age four, and doubling the credit
          for young children

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

     1    Section 1. Paragraph 1 of subsection (c-1) of section 606 of  the  tax
     2  law,  as  amended  by  section  1 of part P of chapter 59 of the laws of
     3  2018, is amended to read as follows:
     4    (1) A resident taxpayer shall be allowed a credit as  provided  herein
     5  equal to the greater of one hundred dollars times the number of qualify-
     6  ing  children  of the taxpayer or the applicable percentage of the child
     7  tax credit allowed the taxpayer under section twenty-four of the  inter-
     8  nal  revenue  code  for the same taxable year for each qualifying child.
     9  Provided, however, in the case of  a  taxpayer  whose  federal  adjusted
    10  gross  income  exceeds  the  applicable  threshold  amount  set forth by
    11  section 24(b)(2) of the Internal Revenue Code, the credit shall only  be
    12  equal  to  the applicable percentage of the child tax credit allowed the
    13  taxpayer under section 24 of the Internal Revenue Code for each qualify-
    14  ing child. For the purposes of this subsection, a qualifying child shall
    15  be a child who meets the definition of  qualified  child  under  section
    16  24(c)  of the internal revenue code [and is at least four years of age].
    17  The applicable percentage shall be  thirty-three  percent  or  sixty-six
    18  percent  for  children  under age four for the taxable year beginning in
    19  two thousand twenty-four. For purposes of this subsection, any reference
    20  to section 24 of the Internal Revenue Code shall be a reference to  such
    21  section  as  it existed immediately prior to the enactment of Public Law
    22  115-97.
    23    § 2. This act shall take effect April 1, 2024.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04093-01-3