S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2464
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:
 
   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 WITH A NEW YORK STATE ADJUSTED GROSS INCOME OF
 LESS THAN SEVENTY-FIVE THOUSAND DOLLARS IN THE CASE OF AN INDIVIDUAL WHO
 IS  NOT MARRIED; ONE HUNDRED TEN THOUSAND DOLLARS IN THE CASE OF A JOINT
 RETURN; OR FIFTY-FIVE THOUSAND DOLLARS IN THE CASE OF A MARRIED INDIVID-
 UAL FILING A SEPARATE RETURN shall be allowed a credit as provided here-
 in equal to the greater of [one]: (A) FIVE  hundred  dollars  times  the
 number  of qualifying children of the taxpayer WHO ARE FOUR YEARS OF AGE
 OR OLDER AND ONE THOUSAND DOLLARS TIMES THE NUMBER OF  QUALIFYING  CHIL-
 DREN  OF  THE  TAXPAYER  WHO ARE LESS THAN FOUR YEARS OF AGE; or (B) the
 applicable percentage of the child tax credit allowed the taxpayer under
 section twenty-four of the internal 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  qualifying  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) (1) of the internal revenue  code
 [and  is at least four years of age]. The applicable percentage shall be
 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
 
 section  24  of  the  Internal Revenue Code shall be a reference to such
 section as it existed immediately prior to the enactment of  Public  Law
 115-97.
   §  2. This act shall take effect immediately and shall apply to quali-
 fied children as defined prior to the enactment of Public Law 115-97 who
 do not receive the child tax credit under the American Rescue  Plan  Act
 of 2021; provided further, that this act shall apply to all other quali-
 fied  children as defined prior to the enactment of Public Law 115-97 in
 the first tax year after the child tax credit under the American  Rescue
 Plan  Act  of  2021 has ended or in taxable years commencing on or after
 January 1, 2024, whichever is later.