Bill > A04363

This bill establishes a tax credit specifically for Gold Star children, which are defined as individuals who are 18 years old or younger and are the children of a United States armed forces member who died while performing military duty during wartime. The tax credit provides a $1,500 reduction in state taxes for eligible children. If the credit amount exceeds the taxpayer's tax liability for a given year, the excess can be carried forward and applied to tax bills in subsequent years. The tax credit will take effect for taxable years beginning on or after January 1, 2027, and is designed to provide financial support to the children of military service members who have made the ultimate sacrifice. By offering this tax credit, the bill aims to recognize and provide some financial relief to the families of fallen service members, acknowledging the significant personal cost of military service.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4363