Bill > S06838

This bill modifies New York's Empire State Child Tax Credit by increasing the applicable percentage from 33% to 45% of the federal child tax credit and establishes a new method for disbursing the credit to taxpayers starting in 2025. For qualifying children who meet the federal definition of a "qualified child", taxpayers can now receive a credit equal to 45% of their federal child tax credit amount, with specific payment rules based on the credit amount: credits of $200 or less will be paid in a lump sum, credits between $200 and $2,400 will be distributed via three quarterly checks of 25% with the final balance included in the tax return, and credits of $2,400 or more will be paid in 12 equal monthly installments. The bill references the federal tax code and specifically notes that the section references are to the Internal Revenue Code as it existed before the 2017 tax law changes (Public Law 115-97). The changes will apply to tax years beginning on or after January 1, 2025, providing more flexibility and potentially larger child tax credits for eligible New York taxpayers.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6838