Bill > S09885

This bill amends the tax law to provide a supplemental Empire State child tax credit of $1,000 per qualified newborn for the tax year 2024 and thereafter. The credit is available to taxpayers who claim the newborn as a dependent, and if the credit exceeds the taxpayer's tax liability, the excess will be treated as an overpayment to be credited or refunded. The term "newborn" refers to a child born in the current or previous tax year who has not been previously claimed as a dependent. The supplemental payment will be allowed for taxpayers who timely filed their tax returns. The bill takes effect on April 1, 2025.