S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6838
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 25, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- 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  increasing  the  applicable
   percentage  of  the child tax credit allowed in the empire state child
   tax credit to forty-five percent

   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 HH of chapter 56  of  the  laws  of
 2023, 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] TWENTY-FOUR 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)  of  the internal revenue code. The applicable percentage
 shall  be  [thirty-three]  FORTY-FIVE  percent.  For  purposes  of  this
 subsection,  any  reference  to section [24] TWENTY-FOUR 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.  Subsection  (c-1)  of  section 606 of the tax law is amended by
 adding a new paragraph 6 to read as follows:
   (6) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST,  TWO  THOU-
 SAND  TWENTY-FIVE,  AN  EMPIRE  STATE  CHILD  CREDIT  PURSUANT  TO  THIS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05755-01-5
              

 S. 6838                             2
 
 SUBSECTION MAY, AT THE ELECTION OF THE TAXPAYER IN A FORM AND MANNER  TO
 BE  PRESCRIBED  BY THE COMMISSIONER, BE PAID TO THE TAXPAYER AS FOLLOWS:
 (I) FOR AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS,  THE  PAYMENT
 OR REFUND SHALL BE MADE IN A LUMP SUM; (II) FOR AMOUNTS IN EXCESS OF TWO
 HUNDRED  DOLLARS  AND  LESS  THAN TWO THOUSAND FOUR HUNDRED DOLLARS, THE
 PAYMENT OR REFUND SHALL EQUAL THREE QUARTERLY CHECKS EACH EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TAXPAYER'S ANTICIPATED  CREDIT  AMOUNT,  AND  THE
 REMAINING  BALANCE  OF  SUCH  PAYMENT OR REFUND SHALL BE INCLUDED IN ANY
 FINAL REFUND OWED TO  THE  TAXPAYER  FOLLOWING  THE  COMPLETION  OF  THE
 TAXPAYER'S  TAX  RETURN;  AND (III) FOR AMOUNTS EQUAL TO OR GREATER THAN
 TWO THOUSAND FOUR HUNDRED DOLLARS, THE PAYMENT OR REFUND SHALL  BE  PAID
 IN  EQUAL  MONTHLY PAYMENTS EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY
 TWELVE.
   § 3. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2025.