New York A 4948: Provides earned income tax credit to youth workers, increases standard deduction for individuals 18 to 24, and provides for deduction of student loan interest

Bill Text

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A04948 Summary:

BILL NOA04948 

&nbsp

SAME ASSAME AS S04103

&nbsp

SPONSORBronson

&nbsp

COSPNSRSimon

&nbsp

MLTSPNSR

&nbsp

Amd §§606, 614 & 615, Tax L

&nbsp

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.

Go to top A04948 Actions:

BILL NOA04948 

&nbsp

02/10/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04948 Committee&nbspVotes:

Go to topA04948 Floor&nbspVotes:

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

Go to topA04948 Text:

 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.
 LBD06052-01-5

 A. 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