A10724 Summary:
| BILL NO | A10724 |
| SAME AS | No Same As |
| SPONSOR | Bologna |
| COSPNSR | |
| MLTSPNSR | |
| Amd §616, Tax L | |
| Provides an exemption from taxes on income to certain taxpayers who claim at least one dependent under the age of five. | |
A10724 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 10724 IN ASSEMBLY March 27, 2026 ___________ Introduced by M. of A. BOLOGNA -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to exempting certain income of taxpayers claiming dependent children under the age of five The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 616 of the tax law is amended by adding a new 2 subsection (c) to read as follows: 3 (c) Exemption. In addition to the exemptions provided for in this 4 section, the first two hundred fifty thousand dollars of income shall be 5 exempt from the tax imposed by this article for taxpayers who maintain a 6 New York adjusted gross income up to five million dollars and claim at 7 least one dependent under the age of five on their tax return. The 8 commissioner shall promulgate such rules and regulations as are neces- 9 sary to verify the accuracy of returns claiming this exemption. 10 § 2. This act shall take effect immediately and shall apply to taxable 11 years commencing on and after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14772-01-6