Bill > A05549

This bill amends the New York State tax law to increase the Empire State Child Credit for families with young children. Specifically, the bill doubles the existing child tax credit percentage for children under four years old, raising it from 33% to 66% of the federal child tax credit for the taxable year beginning in 2026. The credit will continue to be available to resident taxpayers and is calculated based on the number of qualifying children, defined according to the Internal Revenue Code. The credit amount will depend on the taxpayer's federal adjusted gross income, with potential reductions for those exceeding certain income thresholds. The changes are set to take effect on April 1, 2026, providing additional financial support to families with young children in New York State by effectively increasing the tax credit for those with children under four years old.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5549