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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8835

                               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

        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 shall be allowed a credit as provided herein
     5  equal to the greater of [one]: (A) five hundred dollars times the number
     6  of qualifying children of the taxpayer who are  four  years  of  age  or
     7  older  and  one thousand dollars times the number of qualifying children
     8  of the taxpayer who are less than four years of age; or (B) the applica-
     9  ble percentage of the  child  tax  credit  allowed  the  taxpayer  under
    10  section  twenty-four  of  the internal revenue code for the same taxable
    11  year for each qualifying child. Provided, however,  in  the  case  of  a
    12  taxpayer  whose  federal  adjusted  gross  income exceeds the applicable
    13  threshold amount set forth by section 24(b)(2) of the  Internal  Revenue
    14  Code, the credit shall only be equal to the applicable percentage of the
    15  child  tax  credit allowed the taxpayer under section 24 of the Internal
    16  Revenue Code for  each  qualifying  child.  For  the  purposes  of  this
    17  subsection, a qualifying child shall be a child who meets the definition
    18  of  qualified child under section 24(c) (1) of the internal revenue code
    19  [and is at least four years of age]. The applicable percentage shall  be
    20  thirty-three  percent. For purposes of this subsection, any reference to
    21  section 24 of the Internal Revenue Code shall be  a  reference  to  such
    22  section  as  it existed immediately prior to the enactment of Public Law
    23  115-97.
    24    § 2. This act shall take effect immediately and shall apply to taxable
    25  years commencing on or after January 1, 2020.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14370-01-9