Bill Text: NY A10822 | 2017-2018 | General Assembly | Introduced

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Bill Title: Expands the empire state child credit to cover children under the age of four and doubling such credit for young children.

Spectrum: Strong Partisan Bill (Democrat 35-3)

Status: (Introduced - Dead) 2018-05-21 - referred to ways and means [A10822 Detail]

Download: New_York-2017-A10822-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10822
                   IN ASSEMBLY
                                      May 21, 2018
                                       ___________
        Introduced by M. of A. JAFFEE -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to amend the tax law, in relation to expanding the empire state
          child credit to cover children under age four, and doubling the credit
          for young children
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph 1 of subsection (c-1) of section 606 of the tax
     2  law, as amended by section 1 of part P of chapter  59  of  the  laws  of
     3  2018, is amended to read as follows:
     4    (1)  A  resident taxpayer shall be allowed a credit as provided herein
     5  equal to the greater of one hundred dollars times the number of qualify-
     6  ing children of the taxpayer or the applicable percentage of  the  child
     7  tax  credit allowed the taxpayer under section twenty-four of the inter-
     8  nal revenue code for the same taxable year for  each  qualifying  child.
     9  Provided,  however,  in  the  case  of a taxpayer whose federal adjusted
    10  gross income exceeds  the  applicable  threshold  amount  set  forth  by
    11  section  24(b)(2) of the Internal Revenue Code, the credit shall only be
    12  equal to the applicable percentage of the child tax credit  allowed  the
    13  taxpayer under section 24 of the Internal Revenue Code for each qualify-
    14  ing child. For the purposes of this subsection, a qualifying child shall
    15  be  a  child  who  meets the definition of qualified child under section
    16  24(c) of the internal revenue code [and is at least four years of  age].
    17  The  applicable  percentage  shall  be thirty-three percent or sixty-six
    18  percent for children under age four beginning in taxable year 2019.  For
    19  purposes of this subsection, any reference to section 24 of the Internal
    20  Revenue  Code  shall  be a reference to such section as it existed imme-
    21  diately prior to the enactment of Public Law 115-97.
    22    § 2. This act shall take effect April 1, 2019.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15977-01-8