Bill Text: NY A08835 | 2019-2020 | General Assembly | Amended

New York Assembly Bill 8835 (Prior Session Legislation)

Bill Title: Adjusts the calculation of the empire state child credit to provide for a one thousand dollar credit per qualifying child who is less than four years of age and a five hundred dollar credit per qualifying child who is four years of age or older for certain qualifying taxpayers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-08 - print number 8835a [A08835 Detail]

Download: New_York-2019-A08835-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                         8835--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    December 18, 2019
                                       ___________

        Introduced by M. of A. HEVESI -- read once and referred to the Committee
          on Ways and Means -- recommitted to the Committee on Ways and Means in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        AN  ACT  to  amend  the  tax  law, in relation to the calculation of the
          empire state child credit

          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 with a New York state adjusted gross income of
     5  less than seventy-five thousand dollars in the case of an individual who
     6  is  not married; one hundred ten thousand dollars in the case of a joint
     7  return; or fifty-five thousand dollars in the case of a married individ-
     8  ual filing a separate return shall be allowed a credit as provided here-
     9  in equal to the greater of [one]: (A) five  hundred  dollars  times  the
    10  number  of qualifying children of the taxpayer who are four years of age
    11  or older and one thousand dollars times the number of  qualifying  chil-
    12  dren  of  the  taxpayer  who are less than four years of age; or (B) the
    13  applicable percentage of the child tax credit allowed the taxpayer under
    14  section twenty-four of the internal revenue code for  the  same  taxable
    15  year  for  each  qualifying  child.  Provided, however, in the case of a
    16  taxpayer whose federal adjusted  gross  income  exceeds  the  applicable
    17  threshold  amount  set forth by section 24(b)(2) of the Internal Revenue
    18  Code, the credit shall only be equal to the applicable percentage of the
    19  child tax credit allowed the taxpayer under section 24 of  the  Internal
    20  Revenue  Code  for  each  qualifying  child.  For  the  purposes of this
    21  subsection, a qualifying child shall be a child who meets the definition
    22  of qualified child under section 24(c) (1) of the internal revenue  code

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14370-02-0

        A. 8835--A                          2

     1  [and  is at least four years of age]. The applicable percentage shall be
     2  thirty-three percent. For purposes of this subsection, any reference  to
     3  section  24  of  the  Internal Revenue Code shall be a reference to such
     4  section  as  it existed immediately prior to the enactment of Public Law
     5  115-97.
     6    § 2. This act shall take effect immediately and shall apply to taxable
     7  years commencing on or after January 1, 2020.