New York S 367: Relates to the calculation of the empire state child credit

Bill Text

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S00367 Summary:

BILL NOS00367 

&nbsp

SAME ASSAME AS A01972

&nbsp

SPONSORCOONEY

&nbsp

COSPNSRADDABBO, BROUK, HINCHEY, HOYLMAN-SIGAL, RAMOS, RIVERA, SANDERS

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

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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.

Go to top S00367 Actions:

BILL NOS00367 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00367 Committee&nbspVotes:

Go to topS00367 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00367 Text:

 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.

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