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A03146 Summary:

BILL NOA03146A
 
SAME ASSAME AS S05866
 
SPONSORHevesi
 
COSPNSRClark, Simon, McDonald, Rivera J, Cahill, Mitaynes, Barron, Fahy, Gottfried, Otis, Bronson, Reyes, Forrest, Meeks, Rozic, Paulin, Weprin
 
MLTSPNSR
 
Amd §606, Tax L
 
Adjusts the calculation of the empire state child credit to provide for a one thousand dollar credit per qualifying child who is less than four years of age and a five hundred dollar credit per qualifying child who is four years of age or older for certain qualifying taxpayers.
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A03146 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3146--A
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2021
                                       ___________
 
        Introduced  by  M.  of  A.  HEVESI,  CLARK,  SIMON, McDONALD, J. RIVERA,
          CAHILL, MITAYNES, BARRON, FAHY, GOTTFRIED, OTIS, BRONSON -- read  once
          and  referred  to  the  Committee  on  Ways  and  Means  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        AN ACT to amend the tax law, in  relation  to  the  calculation  of  the
          empire state child credit
 
          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 P of chapter 59 of the laws of
     3  2018, is amended to read as follows:
     4    (1) A resident taxpayer with a New York state adjusted gross income of
     5  less than seventy-five thousand dollars in the case of an individual who
     6  is not married; one hundred ten thousand dollars in the case of a  joint
     7  return; or fifty-five thousand dollars in the case of a married individ-
     8  ual filing a separate return shall be allowed a credit as provided here-
     9  in  equal  to  the  greater of [one]: (A) five hundred dollars times the
    10  number of qualifying children of the taxpayer who are four years of  age
    11  or  older  and one thousand dollars times the number of qualifying chil-
    12  dren of the taxpayer who are less than four years of  age;  or  (B)  the
    13  applicable percentage of the child tax credit allowed the taxpayer under
    14  section  twenty-four  of  the internal revenue code for the same taxable
    15  year for each qualifying child. Provided, however,  in  the  case  of  a
    16  taxpayer  whose  federal  adjusted  gross  income exceeds the applicable
    17  threshold amount set forth by section 24(b)(2) of the  Internal  Revenue
    18  Code, the credit shall only be equal to the applicable percentage of the
    19  child  tax  credit allowed the taxpayer under section 24 of the Internal
    20  Revenue Code for  each  qualifying  child.  For  the  purposes  of  this
    21  subsection, a qualifying child shall be a child who meets the definition
    22  of  qualified child under section 24(c) (1) of the internal revenue code
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01674-02-1

        A. 3146--A                          2
 
     1  [and is at least four years of age]. The applicable percentage shall  be
     2  thirty-three  percent. For purposes of this subsection, any reference to
     3  section 24 of the Internal Revenue Code shall be  a  reference  to  such
     4  section  as  it existed immediately prior to the enactment of Public Law
     5  115-97.
     6    § 2. This act shall take effect immediately and shall apply to  quali-
     7  fied children as defined prior to the enactment of Public Law 115-97 who
     8  do  not  receive the child tax credit under the American Rescue Plan Act
     9  of 2021; provided further, that this act shall apply to all other quali-
    10  fied children as defined prior to the enactment of Public Law 115-97  in
    11  the  first tax year after the child tax credit under the American Rescue
    12  Plan Act of 2021 has ended or in taxable years commencing  on  or  after
    13  January 1, 2022, whichever is later.
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