STATE OF NEW YORK
________________________________________________________________________
4952
2023-2024 Regular Sessions
IN SENATE
February 17, 2023
___________
Introduced by Sens. JACKSON, GOUNARDES -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Budget and
Revenue
AN ACT to amend the tax law, in relation to expanding the empire state
child credit to cover children under age four, and doubling the credit
for young children
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 shall be allowed a credit as provided herein
5 equal to the greater of one hundred dollars times the number of qualify-
6 ing children of the taxpayer or the applicable percentage of the child
7 tax credit allowed the taxpayer under section twenty-four of the inter-
8 nal revenue code for the same taxable year for each qualifying child.
9 Provided, however, in the case of a taxpayer whose federal adjusted
10 gross income exceeds the applicable threshold amount set forth by
11 section 24(b)(2) of the Internal Revenue Code, the credit shall only be
12 equal to the applicable percentage of the child tax credit allowed the
13 taxpayer under section 24 of the Internal Revenue Code for each qualify-
14 ing child. For the purposes of this subsection, a qualifying child shall
15 be a child who meets the definition of qualified child under section
16 24(c) of the internal revenue code [and is at least four years of age].
17 The applicable percentage shall be thirty-three percent or sixty-six
18 percent for children under age four for the taxable year beginning in
19 two thousand twenty-four. For purposes of this subsection, any reference
20 to section 24 of the Internal Revenue Code shall be a reference to such
21 section as it existed immediately prior to the enactment of Public Law
22 115-97.
23 § 2. This act shall take effect April 1, 2024.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04093-01-3
