The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3146--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of  A.  HEVESI,  CLARK,  SIMON, McDONALD, J. RIVERA,
   CAHILL, MITAYNES, BARRON, FAHY, GOTTFRIED, OTIS, BRONSON -- read  once
   and  referred  to  the  Committee  on  Ways  and  Means  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN ACT to amend the tax law, in  relation  to  the  calculation  of  the
   empire state child 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 P of chapter 59 of the laws of
 2018, is amended to read as follows:
   (1) A resident taxpayer WITH A NEW YORK STATE ADJUSTED GROSS INCOME OF
 LESS THAN SEVENTY-FIVE THOUSAND DOLLARS IN THE CASE OF AN INDIVIDUAL WHO
 IS NOT MARRIED; ONE HUNDRED TEN THOUSAND DOLLARS IN THE CASE OF A  JOINT
 RETURN; OR FIFTY-FIVE THOUSAND DOLLARS IN THE CASE OF A MARRIED INDIVID-
 UAL FILING A SEPARATE RETURN shall be allowed a credit as provided here-
 in  equal  to  the  greater of [one]: (A) FIVE hundred dollars times the
 number of qualifying children of the taxpayer WHO ARE FOUR YEARS OF  AGE
 OR  OLDER  AND ONE THOUSAND DOLLARS TIMES THE NUMBER OF QUALIFYING CHIL-
 DREN OF THE TAXPAYER WHO ARE LESS THAN FOUR YEARS OF  AGE;  or  (B)  the
 applicable percentage of the child tax credit allowed the taxpayer under
 section  twenty-four  of  the internal 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  qualifying  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) (1) of the internal revenue code
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD01674-02-1

 A. 3146--A                          2
 
 [and is at least four years of age]. The applicable percentage shall  be
 thirty-three  percent. For purposes of this subsection, any reference to
 section 24 of the Internal Revenue Code shall be  a  reference  to  such
 section  as  it existed immediately prior to the enactment of Public Law
 115-97.
   § 2. This act shall take effect immediately and shall apply to  quali-
 fied children as defined prior to the enactment of Public Law 115-97 who
 do  not  receive the child tax credit under the American Rescue Plan Act
 of 2021; provided further, that this act shall apply to all other quali-
 fied children as defined prior to the enactment of Public Law 115-97  in
 the  first tax year after the child tax credit under the American Rescue
 Plan Act of 2021 has ended or in taxable years commencing  on  or  after
 January 1, 2022, whichever is later.