Bill > S00771

This bill amends the New York state tax law to adjust the calculation of the Empire State child credit. It provides for a $1,000 credit per qualifying child under the age of 4, and a $500 credit per qualifying child aged 4 and older, for certain taxpayers with a New York state adjusted gross income below specified thresholds. The bill also references the federal child tax credit and how it relates to the state credit. The bill will take effect immediately and apply to certain qualifying children, with additional provisions regarding the transition from the federal child tax credit under the American Rescue Plan Act.