Bill Text: NY A02492 | 2025-2026 | 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 24-0)

Status: (Introduced) 2025-01-17 - referred to ways and means [A02492 Detail]

Download: New_York-2025-A02492-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2492

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2025
                                       ___________

        Introduced  by  M.  of  A. RA, JENSEN, GANDOLFO, MAHER, SLATER, BENDETT,
          BLANKENBUSH, MANKTELOW, SMULLEN, ANGELINO,  MILLER,  CHANG,  LEMONDES,
          McDONOUGH,  BRABENEC, TANNOUSIS, MORINELLO, DeSTEFANO, TAGUE, SIMPSON,
          PALMESANO, WALSH, SMITH -- 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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05755-01-5
        A. 2492                             2

     1    § 2. Subsection (c-1) of section 606 of the  tax  law  is  amended  by
     2  adding a new paragraph 6 to read as follows:
     3    (6)  For  taxable years beginning on or after January first, two thou-
     4  sand  twenty-five,  an  empire  state  child  credit  pursuant  to  this
     5  subsection  may, at the election of the taxpayer in a form and manner to
     6  be prescribed by the commissioner, be paid to the taxpayer  as  follows:
     7  (i)  for  amounts equal to or less than two hundred dollars, the payment
     8  or refund shall be made in a lump sum; (ii) for amounts in excess of two
     9  hundred dollars and less than two thousand  four  hundred  dollars,  the
    10  payment or refund shall equal three quarterly checks each equal to twen-
    11  ty-five  percent  of  the  taxpayer's anticipated credit amount, and the
    12  remaining balance of such payment or refund shall  be  included  in  any
    13  final  refund  owed  to  the  taxpayer  following  the completion of the
    14  taxpayer's tax return; and (iii) for amounts equal to  or  greater  than
    15  two  thousand  four hundred dollars, the payment or refund shall be paid
    16  in equal monthly payments equal to the total amount thereof  divided  by
    17  twelve.
    18    § 3. This act shall take effect immediately and shall apply to taxable
    19  years beginning on or after January 1, 2025.