S T A T E O F N E W Y O R K
________________________________________________________________________
9257
I N A S S E M B L Y
February 22, 2024
___________
Introduced by M. of A. RA, JENSEN, GANDOLFO, MAHER, SLATER -- read once
and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the applicable
percentage of the child tax credit allowed in the empire state child
tax credit to forty-five percent
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 HH of chapter 56 of the laws of
2023, 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] TWENTY-FOUR 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. The applicable percentage
shall be [thirty-three] FORTY-FIVE percent. For purposes of this
subsection, any reference to section [24] TWENTY-FOUR of the Internal
Revenue Code shall be a reference to such section as it existed imme-
diately prior to the enactment of Public Law 115-97.
§ 2. Subsection (c-1) of section 606 of the tax law is amended by
adding a new paragraph 5 to read as follows:
(5) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU-
SAND TWENTY-FOUR, AN EMPIRE STATE CHILD CREDIT PURSUANT TO THIS
SUBSECTION MAY, AT THE ELECTION OF THE TAXPAYER IN A FORM AND MANNER TO
BE PRESCRIBED BY THE COMMISSIONER, BE PAID TO THE TAXPAYER AS FOLLOWS:
(I) FOR AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS, THE PAYMENT
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13718-02-3
A. 9257 2
OR REFUND SHALL BE MADE IN A LUMP SUM; (II) FOR AMOUNTS IN EXCESS OF TWO
HUNDRED DOLLARS AND LESS THAN TWO THOUSAND FOUR HUNDRED DOLLARS, THE
PAYMENT OR REFUND SHALL EQUAL THREE QUARTERLY CHECKS EACH EQUAL TO TWEN-
TY-FIVE PERCENT OF THE TAXPAYER'S ANTICIPATED CREDIT AMOUNT, AND THE
REMAINING BALANCE OF SUCH PAYMENT OR REFUND SHALL BE INCLUDED IN ANY
FINAL REFUND OWED TO THE TAXPAYER FOLLOWING THE COMPLETION OF THE
TAXPAYER'S TAX RETURN; AND (III) FOR AMOUNTS EQUAL TO OR GREATER THAN
TWO THOUSAND FOUR HUNDRED DOLLARS, THE PAYMENT OR REFUND SHALL BE PAID
IN EQUAL MONTHLY PAYMENTS EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY
TWELVE.
§ 3. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2024.