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.
STATE OF NEW YORK
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2464
2023-2024 Regular Sessions
IN ASSEMBLY
January 26, 2023
___________
Introduced by M. of A. HEVESI, CLARK, SIMON, RIVERA, MITAYNES, FAHY,
OTIS, BRONSON, REYES, FORREST, MEEKS, ROZIC, PAULIN, WEPRIN -- read
once and referred to the Committee on Ways and Means
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
23 [and is at least four years of age]. The applicable percentage shall be
24 thirty-three percent. For purposes of this subsection, any reference to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02530-01-3
A. 2464 2
1 section 24 of the Internal Revenue Code shall be a reference to such
2 section as it existed immediately prior to the enactment of Public Law
3 115-97.
4 § 2. This act shall take effect immediately and shall apply to quali-
5 fied children as defined prior to the enactment of Public Law 115-97 who
6 do not receive the child tax credit under the American Rescue Plan Act
7 of 2021; provided further, that this act shall apply to all other quali-
8 fied children as defined prior to the enactment of Public Law 115-97 in
9 the first tax year after the child tax credit under the American Rescue
10 Plan Act of 2021 has ended or in taxable years commencing on or after
11 January 1, 2024, whichever is later.
