Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 31, 2022 | print number 9281a |
Aug 31, 2022 | amend and recommit to budget and revenue |
May 12, 2022 | referred to budget and revenue |
senate Bill S9281A
Sponsored By
Sue Serino
(R, C, IP) 0 Senate District
Archive: Last 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
Your Voice
Actions
Bill Amendments
S9281 - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
S9281 - Sponsor Memo
BILL NUMBER: S9281 SPONSOR: SERINO TITLE OF BILL: An act to amend the tax law, in relation to the Empire state child cred- it PURPOSE: To increase the Empire State Child Tax Credit. SUMMARY OF PROVISIONS: Section 1: Amends paragraph 1 of subsection (c-1) of section 606 of the tax law to repeal language that decoupled the Empire State Child Tax Credit from increases to the Federal child tax credit resulting from the Tax Cuts and Jobs Act of 2017 Section 2: Provides the effective date.
S9281 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9281 I N S E N A T E May 12, 2022 ___________ Introduced by Sen. SERINO -- 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 Empire state child cred- it 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 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 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 taxable years commencing on or after January 1, 2018. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15855-01-2
S9281A (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
S9281A (ACTIVE) - Sponsor Memo
BILL NUMBER: S9281A SPONSOR: SERINO TITLE OF BILL: An act to amend the tax law, in relation to the Empire state child cred- it PURPOSE: To increase the Empire State Child Tax Credit. SUMMARY OF PROVISIONS: Section 1: Amends paragraph 1 of subsection (c-1) of section 606 of the tax law to repeal language that decoupled the Empire State Child Tax Credit from increases to the Federal child tax credit resulting from the Tax Cuts and Jobs Act of 2017 Section 2: Provides the effective date.
S9281A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9281--A I N S E N A T E May 12, 2022 ___________ Introduced by Sen. SERINO -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the Empire state child cred- it 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 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 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 taxable years commencing on or after January 1, 2018. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15855-02-2
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.