A10126 — Relates to expanding the empire state child credit

Summary

Expands eligibility and increases the amounts of the empire state child credit.

Bill Text

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Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 606 of the tax law.

• Section 606 of the tax law

  , and taxable years beginning on or after January first, two thousand twenty-eight, this subsection and after , and before January first, two thousand twenty- eight, surv- ing has not attained age seventeen; (iv) (v) (vi) a husband and wife sex → subparagraphs (A) and (B) of paragraph one-a of this subsection italics (B-1) For taxable years beginning on January first, two thousand twen- ty-seven, a resident taxpayer shall be allowed a credit as provided herein, equal to the sum of: (i) one thousand one hundred fifty dollars times the number of quali- fying children of the taxpayer aged three or younger, and (ii) seven hundred fifty dollars times the number of qualifying chil- dren of the taxpayer who have attained age four and not yet attained age eighteen. (B-2) For taxable years beginning on January first, two thousand twen- ty-eight, a resident taxpayer shall be allowed a credit as provided herein, equal to the sum of: (i) one thousand three hundred dollars times the number of qualifying children of the taxpayer aged three or younger, and (ii) one thousand dollars times the number of qualifying children of the taxpayer who have attained age four and not yet attained age eigh- teen. (B-3) For taxable years beginning on January first, two thousand twen- ty-nine, a resident taxpayer shall be allowed a credit as provided here- in, equal to the sum of: (i) one thousand five hundred dollars times the number of qualifying children of the taxpayer aged three or younger, and (ii) one thousand two hundred fifty dollars times the number of quali- fying children of the taxpayer who have attained age four and not yet attained age eighteen. (B-4) For taxable years beginning on and after January first, two thousand thirty, a resident taxpayer shall be allowed a credit as provided herein, equal to the sum of one thousand five hundred dollars times the number of qualifying children of the taxpayer aged seventeen or younger, provided, however, that the dollar amount prescribed herein shall be adjusted for inflation on an annual basis beginning in taxable years beginning on and after January first, two thousand thirty-one. For the purposes of this subparagraph, "adjusted for inflation" shall mean that the commissioner increases the dollar amount prescribed herein by the cost-of-living adjustment calculated and published by the internal revenue service pursuant to 26 USC §1(f)(3). (B-5) For the purposes of subparagraphs (B-1) through (B-4) of this paragraph, a qualifying child shall be a child who meets the definition of qualified child under section 24(c) of the internal revenue code, as such section existed immediately prior to the enactment of Public Law 115-97, except that it shall also include qualifying children who have not attained the age of eighteen. surviving (C-1) Commencing in the taxable year beginning on January first, two thousand thirty-one, the commissioner shall provide for the prepayment of the credit provided under this subsection to qualifying taxpayers. Four advanced payments shall be made to such taxpayers. An estimated annual tax credit shall be determined by the commissioner in advance of the first payment and shall be subject to adjustment due to changes in employment or family status over the course of the year. The first three advanced payments shall be made during the taxable year and shall be twenty percent of the anticipated credit. The fourth advanced payment shall be made after the end of the tax year and shall be adjusted to match the actual credit due. (iv) (v) spouses six

  amended

Action History

1. February 02, 2026

   REFERRED TO WAYS AND MEANS

Sponsors

• Andrew Hevesi · Primary

Subjects