Assembly Bill A4038

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4038
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2025
                                ___________
 
 Introduced  by M. of A. TAPIA -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  enacting  the  "enhanced
   empire state child credit for infants act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "enhanced empire state child credit for infants act".
   §  2.  Legislative findings and intent. The legislature finds that the
 first year of a child's life presents unique  financial  challenges  for
 families,  including costs associated with healthcare, diapers, formula,
 and other necessities. Expanding the empire state child  tax  credit  to
 provide  additional  support  for  infants will help alleviate financial
 stress, improve early childhood outcomes, and reduce  economic  dispari-
 ties. This act aims to strengthen support for families by increasing the
 credit for the first year while maintaining the current credit structure
 for subsequent years.
   §  3.  Subsection  (c-1)  of  section 606 of the tax law is amended by
 adding a new paragraph 6 to read as follows:
   (6) NOTWITHSTANDING ANY OTHER PROVISION, BEGINNING WITH THE  TAX  YEAR
 TWO THOUSAND TWENTY-SIX, AND FOR EACH TAX YEAR THEREAFTER, FOR A TAXABLE
 YEAR  IN  WHICH  A  QUALIFYING CHILD IS UNDER THE AGE OF ONE YEAR AT ANY
 TIME DURING SUCH TAXABLE YEAR, THE AMOUNT OF THE CREDIT ALLOWED PURSUANT
 TO THIS SUBSECTION SHALL BE DOUBLE THE AMOUNT OTHERWISE ALLOWABLE  UNDER
 THIS SUBSECTION WITH REGARD TO SUCH QUALIFYING CHILD.
   § 4. The commissioner of taxation and finance is authorized to promul-
 gate  any rules and regulations necessary to implement the provisions of
 this act. The commissioner of taxation and  finance  shall  develop  and
 implement a method for ensuring that families of children under one year
 of age are notified of and able to claim the expanded credit under para-
 graph  6  of subsection (c-1) of section 606 of the tax law, as added by
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07108-01-5
              

 A. 4038                             2
 
 section three of this act. The  commissioner  of  taxation  and  finance
 shall  create  a streamlined process for claiming such credit and imple-
 ment safeguards to prevent fraud and abuse regarding such credit.
   §  5.  This  act shall take effect January 1, 2026, and shall apply to
 taxable years beginning on or after such  date.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such effective date.