Bill Text: NY S04952 | 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 BUDGET AND REVENUE [S04952 Detail]

Download: New_York-2023-S04952-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4952

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 17, 2023
                                       ___________

        Introduced  by Sens. JACKSON, GOUNARDES -- read twice and ordered print-
          ed, and when printed to be committed to the Committee  on  Budget  and
          Revenue

        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