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Assembly Bill A10724

2025-2026 Legislative Session

Provides an exemption from taxes on income to certain taxpayers who claim at least one dependent under the age of five

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Current Bill Status - In Assembly Committee

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2025-A10724 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §616, Tax L

2025-A10724 (ACTIVE) - Summary

Provides an exemption from taxes on income to certain taxpayers who claim at least one dependent under the age of five.

2025-A10724 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10724
 
                           I N  A S S E M B L Y
 
                              March 27, 2026
                                ___________
 
 Introduced  by M. of A. BOLOGNA -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to exempting certain income  of
   taxpayers claiming dependent children under the age of five
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 616 of the tax law  is  amended  by  adding  a  new
 subsection (c) to read as follows:
   (C)  EXEMPTION.  IN  ADDITION  TO  THE EXEMPTIONS PROVIDED FOR IN THIS
 SECTION, THE FIRST TWO HUNDRED FIFTY THOUSAND DOLLARS OF INCOME SHALL BE
 EXEMPT FROM THE TAX IMPOSED BY THIS ARTICLE FOR TAXPAYERS WHO MAINTAIN A
 NEW YORK ADJUSTED GROSS INCOME UP TO FIVE MILLION DOLLARS AND  CLAIM  AT
 LEAST  ONE  DEPENDENT  UNDER  THE  AGE  OF FIVE ON THEIR TAX RETURN. THE
 COMMISSIONER SHALL PROMULGATE SUCH RULES AND REGULATIONS AS  ARE  NECES-
 SARY TO VERIFY THE ACCURACY OF RETURNS CLAIMING THIS EXEMPTION.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2026.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14772-01-6

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