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Bill > A04022

NY A04022

NY A04022
Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.

summary

Introduced
02/09/2023
In Committee
01/03/2024
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

2023-2024 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to a New York state working families tax credit

AI Summary

This bill establishes a New York State Working Families Tax Credit, which provides a credit to resident taxpayers with qualifying children through age 17. The credit amount starts at $550 per child in the first year and increases to $1,600 per child by the fifth year, with adjustments for inflation. The credit is reduced for taxpayers with higher incomes, starting at $75,000 for single filers and $110,000 for joint filers in the first year, and decreasing to $25,000 for single filers and $50,000 for joint filers by the fifth year. The bill also provides for quarterly prepayment of the credit beginning in the fourth year and specifies how the credit will be treated for the purposes of determining eligibility for other state and local assistance programs.

Committee Categories

Budget and Finance

Sponsors (46)

Andrew Hevesi (D)*,  George Alvarez (D),  Juan Ardila (D),  Jeffrion Aubry (D),  Scott Bendett (R),  Michael Benedetto (D),  Rodneyse Bichotte Hermelyn (D),  Alex Bores (D),  Keith Brown (R),  Chris Burdick (D),  Robert Carroll (D),  William Colton (D),  Catalina Cruz (D),  Brian Cunningham (D),  Taylor Darling (D),  Maritza Davila (D),  Manny De Los Santos (D),  Harvey Epstein (D),  Jeff Gallahan (R),  Eddie Gibbs (D),  Jessica González-Rojas (D),  Jonathan Jacobson (D),  Anna Kelles (D),  Ron Kim (D),  Dana Levenberg (D),  Jen Lunsford (D),  Zohran Mamdani (D),  Marcela Mitaynes (D),  Danny O'Donnell (D),  Steve Otis (D),  Steven Raga (D),  Karines Reyes (D),  Linda Rosenthal (D),  Nily Rozic (D),  Rebecca Seawright (D),  Amanda Septimo (D),  Maryjane Shimsky (D),  Sarahana Shrestha (D),  Gina Sillitti (D),  Jo Anne Simon (D),  Tony Simone (D),  Phara Souffrant Forrest (D),  Phil Steck (D),  Yudelka Tapia (D),  Al Taylor (D),  Latrice Walker (D), 

Last Action

print number 4022c (on 09/04/2024)
(1 Companion Bills)

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