|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 19, 2021||referred to budget and revenue|
senate Bill S5866
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5866 (ACTIVE) - Details
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
BILL NUMBER: S5866 SPONSOR: COONEY TITLE OF BILL: An act to amend the tax law, in relation to the calculation of the empire state child credit PURPOSE: This bill amends Paragraph 1 of subsection (c-i) of section 606 of the tax law, as amended by section i of part P of chapter 59 of the laws of 2018. SUMMARY OF PROVISIONS: Eligible resident taxpayers shall be allowed a credit as provided herein 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 children of the taxpayer who are less than four years of age; or (B) the applica-
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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