Bill > S04487

This bill amends New York State tax law to establish a new supplemental Empire State Child Tax Credit of $1,000 for taxpayers with qualifying newborns, starting in the 2026 tax year. Specifically, the bill defines a "newborn" as a child born in the current or previous tax year who has not been previously claimed as a dependent. The credit will be available to taxpayers who timely file their tax returns and can claim the newborn as a dependent under federal internal revenue code. If the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on this amount. The bill aims to provide financial support to families with new children by offering a substantial tax credit, with the provision set to take effect on April 1, 2026.