Bill > A01972

This bill adjusts the Empire State Child Credit by modifying the tax credit calculation for qualifying children based on their age and the taxpayer's income. 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, but only for taxpayers with a New York state adjusted gross income below certain thresholds ($75,000 for individuals, $110,000 for joint returns, and $55,000 for married individuals filing separately). The credit will be 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, with the provisions taking effect immediately but being fully implemented in the first tax year after that act's child tax credit ends or by January 1, 2026, whichever is later.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1972