Bill Text: NY S00367 | 2025-2026 | General Assembly | Introduced

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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 8-0)

Status: (Introduced) 2025-01-08 - REFERRED TO BUDGET AND REVENUE [S00367 Detail]

Download: New_York-2025-S00367-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           367

                               2025-2026 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced  by  Sens.  COONEY,  ADDABBO,  BROUK, HINCHEY, HOYLMAN-SIGAL,
          RAMOS, RIVERA, SANDERS -- read twice and  ordered  printed,  and  when
          printed to be committed to the Committee on Budget and Revenue

        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 HH of chapter 56  of  the  laws  of
     3  2023, is amended to read as follows:
     4    (1) A resident taxpayer with a New York state adjusted gross income of
     5  less than seventy-five thousand dollars in the case of an individual who
     6  is  not married; one hundred ten thousand dollars in the case of a joint
     7  return; or fifty-five thousand dollars in the case of a married individ-
     8  ual filing a separate return shall be allowed a credit as provided here-
     9  in equal to the greater of [one]: (A) five  hundred  dollars  times  the
    10  number  of qualifying children of the taxpayer who are four years of age
    11  or older and one thousand dollars times the number of  qualifying  chil-
    12  dren  of  the  taxpayer  who are less than four years of age; or (B) the
    13  applicable percentage of the child tax credit allowed the taxpayer under
    14  section twenty-four of the internal revenue code for  the  same  taxable
    15  year  for  each  qualifying  child.  Provided, however, in the case of a
    16  taxpayer whose federal adjusted  gross  income  exceeds  the  applicable
    17  threshold  amount  set forth by section 24(b)(2) of the Internal Revenue
    18  Code, the credit shall only be equal to the applicable percentage of the
    19  child tax credit allowed the taxpayer under section 24 of  the  Internal
    20  Revenue  Code  for  each  qualifying  child.  For  the  purposes of this
    21  subsection, a qualifying child shall be a child who meets the definition
    22  of qualified child under section 24(c)(1) of the internal revenue  code.
    23  The applicable percentage shall be thirty-three percent. For purposes of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00488-01-5
        S. 367                              2

     1  this  subsection,  any  reference  to section 24 of the Internal Revenue
     2  Code shall be a reference to such  section  as  it  existed  immediately
     3  prior to the enactment of Public Law 115-97.
     4    §  2. This act shall take effect immediately and shall apply to quali-
     5  fied children as defined prior to the enactment of Public Law 115-97 who
     6  do not receive the child tax credit under the American Rescue  Plan  Act
     7  of 2021; provided further, that this act shall apply to all other quali-
     8  fied  children as defined prior to the enactment of Public Law 115-97 in
     9  the first tax year after the child tax credit under the American  Rescue
    10  Plan  Act  of  2021 has ended or in taxable years commencing on or after
    11  January 1, 2026, whichever is later.