Senate Bill S4952

2023-2024 Legislative Session

Expands the empire state child credit

download bill text pdf

Sponsored By

Current 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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2023-S4952 (ACTIVE) - Details

See Assembly Version of this Bill:
A3911
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
2019-2020: S4633, A1222
2021-2022: S4475, A6587

2023-S4952 (ACTIVE) - Summary

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

2023-S4952 (ACTIVE) - Sponsor Memo

2023-S4952 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4952
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             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:
 
   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

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