S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3911
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2023
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   on Ways and Means
 
 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 FOR THE TAXABLE YEAR BEGINNING IN
 TWO THOUSAND TWENTY-FOUR. 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 immediately prior to the enactment of Public Law
 115-97.
   § 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