New York S 4103: 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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S04103 Summary:

BILL NOS04103 

&nbsp

SAME ASSAME AS A04948

&nbsp

SPONSORPARKER

&nbsp

COSPNSRFERNANDEZ

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MLTSPNSR

&nbsp

Amd §§606, 614 & 615, Tax L

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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 S04103 Actions:

BILL NOS04103 

&nbsp

01/31/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04103 Committee&nbspVotes:

Go to topS04103 Floor&nbspVotes:

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

Go to topS04103 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4103

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sens. PARKER, FERNANDEZ -- read twice and ordered printed,
 and when printed to be committed to the Committee on Budget and Reven-
 ue

 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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06052-01-5

 S. 4103 2

 1 credit and who is enrolled in a full-time or part-time academic program
 2 leading to completion of a high school diploma, general equivalency
 3 diploma, post-secondary certificate or work readiness credential, asso-
 4 ciate degree or baccalaureate degree.
 5 (4) Reports. The commissioner shall prepare a preliminary written
 6 report after July thirty-first and a final written report after December
 7 thirty-first of each calendar year, which shall contain statistical
 8 information regarding the credits granted on or before such dates under
 9 this subsection during such calendar year. Copies of these reports shall
 10 be submitted by such commissioner to the governor, the temporary presi-
 11 dent of the senate, the speaker of the assembly, the chair of the senate
 12 finance committee and the chair of the assembly ways and means committee
 13 within sixty days of July thirty-first with respect to the preliminary
 14 report, and within forty-five days of December thirty-first with respect
 15 to the final report. Such reports shall contain, but need not be limit-
 16 ed to, the number of credits and the average amount of such credits
 17 allowed. Such information shall include the number of credits and the
 18 average amount of such credits allowed; and of those, the number of
 19 credits and the average amounts of such credits allowed to taxpayers in
 20 each county.
 21 § 2. Subsection (a)