Bill > A02492

This bill increases the Empire State Child Tax Credit (a New York state tax credit for families with children) from 33% to 45% of the federal child tax credit amount. For taxable years beginning in 2025, the bill introduces a new provision allowing taxpayers to choose how they receive their child tax credit based on the credit amount: for credits of $200 or less, taxpayers will receive a lump sum payment; for credits between $200 and $2,400, taxpayers will receive three quarterly checks of 25% of the anticipated credit with the remaining balance included in their final tax refund; and for credits of $2,400 or more, taxpayers will receive equal monthly payments spread across 12 months. The credit applies to qualifying children as defined by the federal Internal Revenue Code, and the percentage is calculated based on the taxpayer's federal adjusted gross income. The bill aims to provide more flexible and potentially more immediate financial support to families with children in New York state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2492