Bill Text: NY A04948 | 2025-2026 | General Assembly | Introduced
Bill Title: Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2025-02-10 - referred to ways and means [A04948 Detail]
Download: New_York-2025-A04948-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4948 2025-2026 Regular Sessions IN ASSEMBLY February 10, 2025 ___________ Introduced by M. of A. BRONSON, SIMON -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing an earned income tax credit to youth workers, increasing the standard deduction and providing for the deduction of student loan interest; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (d-2) to read as follows: 3 (d-2) Earned income tax credit for youth workers. (1) A taxpayer 4 described in paragraph two of this subsection shall be allowed a credit 5 equal to the product of one and three-tenths and the amount of the 6 earned income tax credit that would have been allowed to the taxpayer 7 under section 32 of the internal revenue code, if the taxpayer had 8 attained the minimum age of eligibility for such earned income tax cred- 9 it set forth in section 32(c)(1)(A)(ii)(II) of the internal revenue 10 code. 11 (2) To be allowed a credit under this subsection, a taxpayer shall 12 satisfy all of the following qualifications: 13 (A) The taxpayer shall be a resident taxpayer who is not claimed as a 14 dependent of another taxpayer. 15 (B) The taxpayer shall have attained the age of seventeen and shall 16 not have attained the minimum age at which a taxpayer is qualified for 17 the earned income tax credit as such age is set forth in section 18 32(c)(1)(A)(ii)(II) of the internal revenue code. 19 (C) The taxpayer shall not be the custodial or non-custodial parent of 20 a minor child or children. 21 (3) Nothing in this section shall be deemed to prohibit the qualifica- 22 tions of a taxpayer who is otherwise eligible for the earned income tax 23 credit and who is enrolled in a full-time or part-time academic program EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06052-01-5A. 4948 2 1 leading to completion of a high school diploma, general equivalency 2 diploma, post-secondary certificate or work readiness credential, asso- 3 ciate degree or baccalaureate degree. 4 (4) Reports. The commissioner shall prepare a preliminary written 5 report after July thirty-first and a final written report after December 6 thirty-first of each calendar year, which shall contain statistical 7 information regarding the credits granted on or before such dates under 8 this subsection during such calendar year. Copies of these reports shall 9 be submitted by such commissioner to the governor, the temporary presi- 10 dent of the senate, the speaker of the assembly, the chair of the senate 11 finance committee and the chair of the assembly ways and means committee 12 within sixty days of July thirty-first with respect to the preliminary 13 report, and within forty-five days of December thirty-first with respect 14 to the final report. Such reports shall contain, but need not be limit- 15 ed to, the number of credits and the average amount of such credits 16 allowed. Such information shall include the number of credits and the 17 average amount of such credits allowed; and of those, the number of 18 credits and the average amounts of such credits allowed to taxpayers in 19 each county. 20 § 2. Subsection (a) of section 614 of the tax law, as amended by 21 section 1 of part JJ of chapter 59 of the laws of 2018, is amended to 22 read as follows: 23 (a) Unmarried individual. For taxable years beginning after nineteen 24 hundred ninety-six, the New York standard deduction of a resident indi- 25 vidual who is not married nor the head of a household nor a surviving 26 spouse nor an individual who is claimed as a dependent by another New 27 York state taxpayer shall be seven thousand five hundred dollars; for 28 taxable years beginning in nineteen hundred ninety-six, such standard 29 deduction shall be seven thousand four hundred dollars; for taxable 30 years beginning in nineteen hundred ninety-five, such standard deduction 31 shall be six thousand six hundred dollars; and for taxable years begin- 32 ning after nineteen hundred eighty-nine and before nineteen hundred 33 ninety-five, such standard deduction shall be six thousand dollars. For 34 taxable years beginning after two thousand twenty-six, the New York 35 standard deduction of a resident individual who is between the ages of 36 eighteen and twenty-four and who is not married nor the head of a house- 37 hold nor a surviving spouse nor an individual whose federal exemption 38 amount is zero shall be ten thousand dollars. 39 § 3. Section 615 of the tax law is amended by adding a new subsection 40 (h) to read as follows: 41 (h) For taxable years beginning on and after January first, two thou- 42 sand twenty-six, in the case of a resident individual, there shall be 43 allowed as a deduction for the taxable year an amount equal to the 44 interest paid by the taxpayer during the taxable year on any qualified 45 education loan to the extent and as provided in section 221 of the 46 Internal Revenue Code. 47 § 4. This act shall take effect immediately and shall apply to taxable 48 years beginning on or after January 1, 2026 and shall expire and be 49 deemed repealed December 31, 2031.
