Bill > S06774

This bill proposes several tax-related provisions to benefit young workers and students: 1. It creates an "earned income tax credit for youth workers" that provides a tax credit equal to 1.3 times the federal earned income tax credit amount for eligible taxpayers between the ages of 17 and the minimum age for the federal earned income tax credit (typically 25). 2. It increases the New York standard deduction to $10,000 for resident individuals between the ages of 18 and 24. 3. It allows resident individuals to deduct interest paid on qualified student loans, as provided in the Internal Revenue Code. These provisions would take effect for tax years beginning on or after January 1, 2026 and would expire on December 31, 2031.