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Assembly Bill A2014

2023-2024 Legislative Session

Establishes a tax credit for Gold Star children

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Archive: Last Bill Status - In Assembly Committee

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2023-A2014 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7823
2021-2022: A2596
2025-2026: A4363

2023-A2014 (ACTIVE) - Summary

Establishes a tax credit for Gold Star children in the amount of $1,500.

2023-A2014 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2014
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by  M. of A. FALL -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing  a  tax  credit
   for Gold Star children
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (uuu) to read as follows:
   (UUU)  GOLD STAR CHILD FEE CREDIT. (1) ALLOWANCE AND AMOUNT OF CREDIT.
 A TAXPAYER WHO IS EIGHTEEN YEARS OF AGE OR BELOW MAY CLAIM A TAX  CREDIT
 AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE IN THE AMOUNT OF ONE THOUSAND
 FIVE HUNDRED DOLLARS. SUCH TAXPAYER SHALL BE THE CHILD OF  A  MEMBER  OF
 THE  ARMED FORCES OF THE UNITED STATES HAVING DIED IN THE PERFORMANCE OF
 DUTY IN TIME OF WAR.   IN NO EVENT SHALL THE  CREDIT  PROVIDED  IN  THIS
 SUBSECTION BE ALLOWED IN EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
   (2)  APPLICATION  OF  CREDIT. IF THE AMOUNT OF THE CREDIT SHALL EXCEED
 THE TAXPAYER'S TAX FOR SUCH YEAR THE EXCESS SHALL BE CARRIED OVER TO THE
 FOLLOWING YEAR OR YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR
 SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2025.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06620-01-3

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