Disregards any amount included in an individual taxpayer's federal adjusted gross income as a result of the federal child tax credit for purposes of calculating an individual taxpayer's federal income tax deduction.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4106
SPONSOR: Cunningham TITLE OF BILL:
An act to amend the tax law, in relation to disregarding the federal
child tax credit for purposes of calculating an individual's federal
income tax deduction
PURPOSE OR GENERAL IDEA OF BILL:
To implement the federal child tax credit
SUMMARY OF PROVISIONS:
Section 1 adds paragraph 47 to Subsection (c) of section 612 of the tax
law to allow federal adjusted gross income as a result of what is
allowed under section 24 of the internal revenue code
Section 2 sets the effective date immediately
JUSTIFICATION:
The median household income in New York State is around $75,000. After
taxes, the entire household would likely be bringing in a little over
$4,000 a month. Then factor in rent/mortgage payments, groceries, insur-
ance, utility bills, and any other expenses that may come up during the
month.' Families are not making enough to survive.
This bill is the right step to fighting childhood poverty and providing
families with the monetary resources that they need to try to make ends
meet. Excluding the federal child tax credit from taxable income in New
York only makes sense when you look at the struggle that families are
going through.
PRIOR LEGISLATIVE HISTORY:
23/24: A8350 - referred to Ways and Means
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
TBD
EFFECTIVE DATE:
Immediately.
STATE OF NEW YORK
________________________________________________________________________
4106
2025-2026 Regular Sessions
IN ASSEMBLY
January 31, 2025
___________
Introduced by M. of A. CUNNINGHAM -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to disregarding the federal
child tax credit for purposes of calculating an individual's federal
income tax deduction
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 612 of the tax law is amended by
2 adding a new paragraph 48 to read as follows:
3 (48) For taxable years beginning after December thirty-first, two
4 thousand twenty-five, any amount which is included in the taxpayer's
5 federal adjusted gross income solely as a result of the child tax credit
6 allowed the taxpayer under section twenty-four of the internal revenue
7 code.
8 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06564-01-5
