Senate Bill S4633

2019-2020 Legislative Session

Expands the empire state child credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S4633 (ACTIVE) - Details

See Assembly Version of this Bill:
A1222
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8833, A10822
2021-2022: S4475, A6587
2023-2024: S4952, A3911

2019-S4633 (ACTIVE) - Summary

Expands the empire state child credit to cover children under the age of four and doubling such credit for young children.

2019-S4633 (ACTIVE) - Sponsor Memo

2019-S4633 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4633
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2019
                                ___________
 
 Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, 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:
 
   Section 1. Paragraph 1 of subsection (c-1) of section 606 of  the  tax
 law,  as  amended  by  section  1 of part P of chapter 59 of the laws of
 2018, is amended to read as follows:
   (1) A resident taxpayer shall be allowed a credit as  provided  herein
 equal to the greater of one hundred dollars times the number of qualify-
 ing  children  of the taxpayer or the applicable percentage of the child
 tax credit allowed the taxpayer under section twenty-four of the  inter-
 nal  revenue  code  for the same taxable year for each qualifying child.
 Provided, however, in the case of  a  taxpayer  whose  federal  adjusted
 gross  income  exceeds  the  applicable  threshold  amount  set forth by
 section 24(b)(2) of the Internal Revenue Code, the credit shall only  be
 equal  to  the applicable percentage of the child tax credit allowed the
 taxpayer under section 24 of the Internal Revenue Code for each qualify-
 ing child. For the purposes of this subsection, a qualifying child shall
 be a child who meets the definition of  qualified  child  under  section
 24(c)  of the internal revenue code [and is at least four years of age].
 The applicable percentage shall be  thirty-three  percent  OR  SIXTY-SIX
 PERCENT  FOR CHILDREN UNDER AGE FOUR BEGINNING IN TAXABLE YEAR 2020. For
 purposes of this subsection, any reference to section 24 of the Internal
 Revenue Code shall be a reference to such section as  it  existed  imme-
 diately prior to the enactment of Public Law 115-97.
   § 2. This act shall take effect April 1, 2020.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02783-01-9

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