S T A T E   O F   N E W   Y O R K
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                                  8219

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 11, 2015
                               ___________

Introduced  by  M.  of  A. NOLAN, BRENNAN, BRONSON, FAHY, LIFTON -- read
  once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to the empire state child cred-
  it and the family tax relief credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph 1 of subsection (c-1) of section 606 of the tax
law, as amended by section 1 of part L-1 of chapter 109 of the  laws  of
2006, is amended to read as follows:
  (1)  A  resident taxpayer shall be allowed a credit as provided herein
equal to the greater of one hundred dollars times the number of qualify-
ing children of the taxpayer or the applicable percentage of  the  child
tax  credit allowed the taxpayer under section twenty-four of the inter-
nal revenue code for the same taxable year for  each  qualifying  child.
Provided,  however,  in  the  case  of a taxpayer whose federal adjusted
gross income exceeds  the  applicable  threshold  amount  set  forth  by
section  24(b)(2) of the Internal Revenue Code, the credit shall only be
equal to the applicable percentage of the child tax credit  allowed  the
taxpayer under section 24 of the Internal Revenue Code for each qualify-
ing child. For the purposes of this subsection, a qualifying child shall
be  a  child  who  meets the definition of qualified child under section
24(c) of the internal revenue code and is at least four  years  of  age.
The  applicable  percentage  shall be thirty-three percent.  FOR TAXABLE
YEARS BEGINNING AFTER TWO THOUSAND FIFTEEN,  THE  APPLICABLE  PERCENTAGE
SHALL BE SIXTY PERCENT.
  S  2.  Paragraphs 1 and 2 of subsection (vv) of section 606 of the tax
law, paragraph 1 as added by section 1 of part CC of chapter 59  of  the
laws  of 2013 and paragraph 2 as amended by section 1 of part M of chap-
ter 59 of the laws of 2014, are amended to read as follows:
  1. (A) An individual taxpayer who meets the eligibility  standards  in
paragraph  two  of this subsection shall be allowed a credit against the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11590-03-5
              

A. 8219                             2

taxes imposed by this article of three hundred fifty dollars per  return
for tax years two thousand fourteen, two thousand fifteen, and two thou-
sand sixteen.
  (B)  AN  INDIVIDUAL  TAXPAYER  WHO  MEETS THE ELIGIBILITY STANDARDS IN
SUBPARAGRAPH (B) OF PARAGRAPH TWO OF THIS SUBSECTION SHALL BE ALLOWED  A
CREDIT  AGAINST THE TAXES IMPOSED BY THIS ARTICLE OF THREE HUNDRED FIFTY
DOLLARS PER RETURN  FOR  TAXABLE  YEARS  BEGINNING  AFTER  TWO  THOUSAND
SIXTEEN.
  2.  (A)  To  be  eligible  for  the credit, the taxpayer (or taxpayers
filing joint returns) on the personal income tax return  filed  for  the
taxable year, must [(a)] (I) be a resident, [(b)] (II) claim one or more
dependent  children  who were under the age of seventeen on the last day
of the taxable year, [(c)] (III) have New York adjusted gross income  of
at  least forty thousand dollars but no greater than three hundred thou-
sand dollars, and [(d)] (IV) have a tax liability  as  determined  under
paragraph three of this subsection of greater than or equal to zero.
  (B)  TO  BE  ELIGIBLE  FOR  THE CREDIT PURSUANT TO SUBPARAGRAPH (B) OF
PARAGRAPH ONE OF THIS SUBSECTION,  THE  TAXPAYER  (OR  TAXPAYERS  FILING
JOINT  RETURNS)  ON THE PERSONAL INCOME TAX RETURN FILED FOR THE TAXABLE
YEAR, MUST (I) BE A RESIDENT, (II) CLAIM ONE OR MORE DEPENDANT  CHILDREN
WHO WERE UNDER THE AGE OF SEVENTEEN ON THE LAST DAY OF THE TAXABLE YEAR,
(III)  HAVE  NEW  YORK  ADJUSTED GROSS INCOME OF AT LEAST FORTY THOUSAND
DOLLARS BUT NO GREATER THAN ONE HUNDRED AND THIRTY THOUSAND DOLLARS, AND
(IV) HAVE A TAX LIABILITY AS DETERMINED UNDER PARAGRAPH  THREE  OF  THIS
SUBSECTION OF GREATER THAN OR EQUAL TO ZERO.
  S 3. This act shall take effect immediately.