senate Bill S9610

2021-2022 Legislative Session

Relates to a working families tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 07, 2022 referred to rules

Co-Sponsors

S9610 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S277

S9610 (ACTIVE) - Summary

Provides for a working families tax credit of $1500 per child; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold; provides such reduction should not be below $500.

S9610 (ACTIVE) - Sponsor Memo

S9610 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9610
 
                             I N  S E N A T E
 
                             December 7, 2022
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN  ACT  to  amend  the tax law, in relation to a New York state working
   families tax 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 (d) of section 606 of the tax
 law, as amended by section 1 of part Q of chapter  63  of  the  laws  of
 2000, is amended to read as follows:
   (1)  General.  A  taxpayer  WITH  NO QUALIFYING CHILD AS DEFINED IN 26
 U.S.C. § 152(C) shall be allowed a credit as provided  herein  equal  to
 (i)  the applicable percentage of the earned income credit allowed under
 section thirty-two of the internal revenue code  for  the  same  taxable
 year,  (ii) reduced by the credit permitted under subsection (b) of this
 section.
   § 2. 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] FOR TAXABLE YEARS BEGINNING PRIOR TO JANUARY FIRST, TWO THOU-
 SAND TWENTY-THREE, A resident taxpayer shall  be  allowed  a  credit  as
 provided  herein  equal  to the greater of one hundred dollars times the
 number of qualifying children of the taxpayer or the applicable percent-
 age 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) 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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