Assembly Bill A2596

2021-2022 Legislative Session

Establishes a tax credit for Gold Star children

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A2596 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7823
2023-2024: A2014

2021-A2596 (ACTIVE) - Summary

Establishes a tax credit for Gold Star children in the amount of $1,500.

2021-A2596 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2596
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by M. of A. FALL, DICKENS, JEAN-PIERRE, HEVESI, ENGLEBRIGHT,
   STIRPE, CRUZ, THIELE, SAYEGH, STERN, EPSTEIN, COLTON,  ABBATE,  SANTA-
   BARBARA,  LAVINE,  BARRON,  PICHARDO -- Multi-Sponsored by -- M. of A.
   COOK, DE LA ROSA, GUNTHER -- read once and referred to  the  Committee
   on Ways and Means

 AN  ACT  to  amend the tax law, in relation to establishing a tax credit
   for Gold Star children
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (uuu) to read as follows:
   (UUU) GOLD STAR CHILD FEE CREDIT. (1) ALLOWANCE AND AMOUNT OF  CREDIT.
 A  TAXPAYER WHO IS EIGHTEEN YEARS OF AGE OR BELOW MAY CLAIM A TAX CREDIT
 AGAINST THE TAX IMPOSED BY THIS ARTICLE IN THE AMOUNT  OF  ONE  THOUSAND
 FIVE  HUNDRED  DOLLARS.  SUCH TAXPAYER SHALL BE THE CHILD OF A MEMBER OF
 THE ARMED FORCES OF THE UNITED STATES HAVING DIED IN THE PERFORMANCE  OF
 DUTY  IN  TIME  OF  WAR.   IN NO EVENT SHALL THE CREDIT PROVIDED IN THIS
 SUBSECTION BE ALLOWED IN EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE  CREDIT  SHALL  EXCEED
 THE TAXPAYER'S TAX FOR SUCH YEAR THE EXCESS SHALL BE CARRIED OVER TO THE
 FOLLOWING YEAR OR YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR
 SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2023.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06099-01-1

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