Bill > S02238

This bill amends the tax law to modify the school tax reduction credit and introduce a new child tax credit specifically for residents of cities with a population over one million (which effectively means New York City). For the school tax reduction credit, the bill reduces the credit amount by $20 for every $1,000 of income that exceeds $75,000 for single filers or $150,000 for joint filers, ensuring the credit never falls below zero. The new child tax credit provides $300 per qualifying child for eligible city residents, with qualifying children defined as those meeting federal tax code definitions and under 18 years old. The child tax credit amount will be reduced by $10 for every $1,000 of income exceeding $160,000 for head of household or separate filers, and $320,000 for joint filers. Taxpayers must provide social security or individual taxpayer identification numbers for qualifying children, and the credit will be prorated if a taxpayer changes residency status during the tax year. The bill requires the tax commissioner to publicize the new child tax credit and inform taxpayers about related tax liability changes. The act will take effect immediately and apply to taxable years beginning after its effective date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2238