Bill > A04948

This bill introduces several tax-related provisions aimed at supporting younger workers and students. Specifically, it creates a new earned income tax credit for youth workers between 17 and the standard minimum age for the federal earned income tax credit, with eligibility requirements including being a resident taxpayer not claimed as a dependent and not having children. The bill also increases the standard deduction for individuals aged 18 to 24 to $10,000 starting in 2027, providing additional tax relief for younger workers. Furthermore, the legislation allows for a student loan interest deduction starting in 2027, permitting taxpayers to deduct interest paid on qualified education loans, similar to the federal tax code provision. These provisions are designed to provide financial support to young workers and students by reducing their tax burden and offering additional income support. The bill is set to take effect in 2027 and will expire on December 31, 2031, making it a temporary measure to support young adults during that period. The bill also requires the tax commissioner to prepare annual reports detailing the number and average amount of credits granted, which will be submitted to various state government officials.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4948