Bill > A02464

This bill amends the New York 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 adjusted gross income below specified thresholds. The bill also references the federal child tax credit and provides that the state credit will be equal to 33% of the federal credit for each qualifying child, with certain limitations. The bill will take effect immediately and apply to qualifying children as defined prior to recent federal tax law changes, either when the federal child tax credit under the American Rescue Plan Act ends or starting in 2024, whichever is later.