senate Bill S5866

2021-2022 Legislative Session

Relates to the calculation of the empire state child credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 19, 2021 referred to budget and revenue

Co-Sponsors

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S5866 (ACTIVE) - Details

See Assembly Version of this Bill:
A3146
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A8835

S5866 (ACTIVE) - Summary

Adjusts the calculation of the empire state child credit to provide for a one thousand dollar credit per qualifying child who is less than four years of age and a five hundred dollar credit per qualifying child who is four years of age or older for certain qualifying taxpayers.

S5866 (ACTIVE) - Sponsor Memo

S5866 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5866
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 19, 2021
                                ___________
 
 Introduced by Sens. COONEY, BROUK -- read twice and ordered printed, and
   when printed to be committed to the Committee on Budget and Revenue
 
 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
 [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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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