•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

AB4038 Summary:

BILL NOA04038
 
SAME ASNo Same As
 
SPONSORTapia
 
COSPNSR
 
MLTSPNSR
 
Amd §606, Tax L
 
Expands the empire state child tax credit by doubling the amount of such credit allowable for qualifying children under one year of age.
Go to top    

AB4038 Actions:

BILL NOA04038
 
01/30/2025referred to ways and means
Go to top

AB4038 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4038
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2025
                                       ___________
 
        Introduced  by M. of A. TAPIA -- read once and referred to the Committee
          on Ways and Means
 
        AN ACT to amend the tax law,  in  relation  to  enacting  the  "enhanced
          empire state child credit for infants act"
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "enhanced empire state child credit for infants act".
     3    §  2.  Legislative findings and intent. The legislature finds that the
     4  first year of a child's life presents unique  financial  challenges  for
     5  families,  including costs associated with healthcare, diapers, formula,
     6  and other necessities. Expanding the empire state child  tax  credit  to
     7  provide  additional  support  for  infants will help alleviate financial
     8  stress, improve early childhood outcomes, and reduce  economic  dispari-
     9  ties. This act aims to strengthen support for families by increasing the
    10  credit for the first year while maintaining the current credit structure
    11  for subsequent years.
    12    §  3.  Subsection  (c-1)  of  section 606 of the tax law is amended by
    13  adding a new paragraph 6 to read as follows:
    14    (6) Notwithstanding any other provision, beginning with the  tax  year
    15  two thousand twenty-six, and for each tax year thereafter, for a taxable
    16  year  in  which  a  qualifying child is under the age of one year at any
    17  time during such taxable year, the amount of the credit allowed pursuant
    18  to this subsection shall be double the amount otherwise allowable  under
    19  this subsection with regard to such qualifying child.
    20    § 4. The commissioner of taxation and finance is authorized to promul-
    21  gate  any rules and regulations necessary to implement the provisions of
    22  this act. The commissioner of taxation and  finance  shall  develop  and
    23  implement a method for ensuring that families of children under one year
    24  of age are notified of and able to claim the expanded credit under para-
    25  graph  6  of subsection (c-1) of section 606 of the tax law, as added by
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07108-01-5

        A. 4038                             2
 
     1  section three of this act. The  commissioner  of  taxation  and  finance
     2  shall  create  a streamlined process for claiming such credit and imple-
     3  ment safeguards to prevent fraud and abuse regarding such credit.
     4    §  5.  This  act shall take effect January 1, 2026, and shall apply to
     5  taxable years beginning on or after such  date.  Effective  immediately,
     6  the  addition,  amendment and/or repeal of any rule or regulation neces-
     7  sary for the implementation of  this  act  on  its  effective  date  are
     8  authorized to be made and completed on or before such effective date.
Go to top