Bill > A08176

This bill modifies the school tax reduction credit and introduces a new child tax credit specifically for residents of cities with a population over one million (which in New York effectively means New York City). For the school tax reduction credit, the bill reduces the credit amount by $20 for every $1,000 of income that exceeds certain thresholds: $75,000 for unmarried individuals or heads of household, and $150,000 for married couples filing jointly. The new child tax credit provides $300 per qualifying child for eligible city residents, with qualifying children defined as those meeting federal tax guidelines and under 18 years old. The child tax credit will be reduced by $10 for every $1,000 of income above $160,000 for heads of household or those filing separately, and $320,000 for married couples filing jointly. To claim the child tax credit, taxpayers must provide social security numbers or individual taxpayer identification numbers for each qualifying child. If a taxpayer changes residence status during the tax year, the credit will be prorated accordingly. The bill also requires the tax commissioner to publicize the new child tax credit and inform taxpayers about related tax liability changes. The act will take effect immediately and apply to taxable years beginning after its effective date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8176