Bill > S00367

This bill adjusts the Empire State Child Credit, a tax benefit for New York residents with children, by modifying the credit amount and income thresholds. Specifically, the bill provides a $1,000 credit for each qualifying child under four years old and a $500 credit for each qualifying child who is four years or older. To be eligible, taxpayers must have a New York state adjusted gross income below certain thresholds: $75,000 for individual filers, $110,000 for joint returns, and $55,000 for married individuals filing separately. The credit is calculated as either the specified dollar amount per child or 33% of the federal child tax credit, whichever is greater. The bill references the Internal Revenue Code's definition of a qualifying child and is designed to apply to children who did not receive the child tax credit under the American Rescue Plan Act of 2021. The changes will take effect immediately but have specific implementation dates based on the expiration of previous child tax credit provisions, with the latest potential start date being January 1, 2026.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S367