Bill Text: NY A09257 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the applicable percentage of the child tax credit allowed in the empire state child tax credit from thirty-three percent to forty-five percent; prescribes how such payment or refund should be made based on amount.

Spectrum: Partisan Bill (Republican 26-0)

Status: (Introduced) 2024-02-22 - referred to ways and means [A09257 Detail]

Download: New_York-2023-A09257-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9257

                   IN ASSEMBLY

                                    February 22, 2024
                                       ___________

        Introduced  by M. of A. RA, JENSEN, GANDOLFO, MAHER, SLATER -- read once
          and referred to the Committee on Ways and Means

        AN ACT to amend the tax law, in relation to  increasing  the  applicable
          percentage  of  the child tax credit allowed in the empire state child
          tax credit to forty-five percent

          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 HH of chapter 56  of  the  laws  of
     3  2023, 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] twenty-four of the Internal Revenue Code for
    14  each qualifying child. For the purposes of this subsection, a qualifying
    15  child shall be a child who meets the definition of qualified child under
    16  section  24(c)  of  the internal revenue code. The applicable percentage
    17  shall  be  [thirty-three]  forty-five  percent.  For  purposes  of  this
    18  subsection,  any  reference  to section [24] twenty-four of the Internal
    19  Revenue Code shall be a reference to such section as  it  existed  imme-
    20  diately prior to the enactment of Public Law 115-97.
    21    §  2.  Subsection  (c-1)  of  section 606 of the tax law is amended by
    22  adding a new paragraph 5 to read as follows:
    23    (5) For taxable years beginning on or after January first,  two  thou-
    24  sand  twenty-four,  an  empire  state  child  credit  pursuant  to  this
    25  subsection may, at the election of the taxpayer in a form and manner  to
    26  be  prescribed  by the commissioner, be paid to the taxpayer as follows:
    27  (i) for amounts equal to or less than two hundred dollars,  the  payment

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13718-02-3
        A. 9257                             2

     1  or refund shall be made in a lump sum; (ii) for amounts in excess of two
     2  hundred  dollars  and  less  than two thousand four hundred dollars, the
     3  payment or refund shall equal three quarterly checks each equal to twen-
     4  ty-five  percent  of  the  taxpayer's anticipated credit amount, and the
     5  remaining balance of such payment or refund shall  be  included  in  any
     6  final  refund  owed  to  the  taxpayer  following  the completion of the
     7  taxpayer's tax return; and (iii) for amounts equal to  or  greater  than
     8  two  thousand  four hundred dollars, the payment or refund shall be paid
     9  in equal monthly payments equal to the total amount thereof  divided  by
    10  twelve.
    11    § 3. This act shall take effect immediately and shall apply to taxable
    12  years beginning on or after January 1, 2024.