New York A 5549: Relates to manufactured home parks

Bill Text

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A05549 Summary:

BILL NOA05549 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORForrest

&nbsp

COSPNSRBurdick

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Doubles the empire state child credit for young children.

Go to top A05549 Actions:

BILL NOA05549 

&nbsp

02/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05549 Committee&nbspVotes:

Go to topA05549 Floor&nbspVotes:

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

Go to topA05549 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5549

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 14, 2025
 ___________

 Introduced by M. of A. FORREST, BURDICK -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to doubling the credit for
 young children

 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 shall be allowed a credit as provided herein
 5 equal to the greater of one hundred dollars times the number of qualify-
 6 ing children of the taxpayer or the applicable percentage of the child
 7 tax credit allowed the taxpayer under section twenty-four of the inter-
 8 nal revenue code for the same taxable year for each qualifying child.
 9 Provided, however, in the case of a taxpayer whose federal adjusted
 10 gross income exceeds the applicable threshold amount set forth by
 11 section 24(b)(2) of the Internal Revenue Code, the credit shall only be
 12 equal to the applicable percentage of the child tax credit allowed the
 13 taxpayer under section 24 of the Internal Revenue Code for each qualify-
 14 ing child. For the purposes of this subsection, a qualifying child shall
 15 be a child who meets the definition of qualified child under section
 16 24(c) of the internal revenue code. The applicable percentage shall be
 17 thirty-three percent or sixty-six percent for children under age four
 18 for the taxable year beginning in two thousand twenty-six. For purposes
 19 of this subsection, any reference to section 24 of the Internal Revenue
 20 Code shall be a reference to such section as it existed immediately
 21 prior to the enactment of Public Law 115-97.
 22 § 2. This act shall take effect April 1, 2026.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09339-01-5

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