Bill Text: NY A07823 | 2019-2020 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 23-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07823 Detail]

Download: New_York-2019-A07823-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7823

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      May 23, 2019
                                       ___________

        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:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (uuu) to read as follows:
     3    (uuu)  Gold star child fee credit. (1) Allowance and amount of credit.
     4  A taxpayer who is eighteen years of age or below may claim a tax  credit
     5  against  the  tax  imposed by this article in the amount of one thousand
     6  five hundred dollars. Such taxpayer shall be the child of  a  member  of
     7  the  armed forces of the United States having died in the performance of
     8  duty in time of war.   In no event shall the  credit  provided  in  this
     9  subsection be allowed in excess of the taxpayer's tax for such year.
    10    (2)  Application  of  credit. If the amount of the credit shall exceed
    11  the taxpayer's tax for such year the excess shall be carried over to the
    12  following year or years, and may be deducted from the taxpayer's tax for
    13  such year or years.
    14    § 2. This act shall take effect immediately and shall apply to taxable
    15  years beginning on or after January 1, 2021.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11468-01-9