S 4487: Relates to payment of a supplemental empire state child tax credit for the tax year 2024 and thereafter equal to $1000 per qualified newborn.

  
  STATE OF NEW YORK ________________________________________________________________________ 4487 2025-2026 Regular Sessions  IN SENATE February 5, 2025 ___________ Introduced by Sens. ASHBY, GALLIVAN, HELMING, MATTERA, OBERACKER, RHOADS, ROLISON, SCARCELLA-SPANTON, TEDISCO, WEBER -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to payment of a supplemental empire state child tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c-1) of section 606 of the tax law is amended 2 by adding a new paragraph 6 to read as follows: 3 (6) (A) For tax year two thousand twenty-six and thereafter, the 4 commissioner shall issue a payment of a supplemental empire state child 5 tax credit in the amount of one thousand dollars for taxpayers who qual- 6 ify to claim a newborn as a dependent as defined under section one 7 hundred fifty-two of the federal internal revenue code, for each such 8 newborn of the taxpayer that may be so claimed as a dependent. If the 9 amount of the credit allowable under this subsection for any taxable 10 year shall exceed the taxpayer's tax for such year, the excess shall be 11 treated as an overpayment of tax to be credited or refunded in accord- 12 ance with the provisions of section six hundred eighty-six of this arti- 13 cle, provided, however, that no interest shall be paid thereon. 14 (B) For the purposes of this paragraph, the term "newborn" shall mean 15 a child born in the current or previous tax year who has not been previ- 16 ously claimed as a dependent. 17 (C) The supplemental payment pursuant to this paragraph shall be 18 allowed to taxpayers who timely filed returns pursuant to section six 19 hundred fifty-one of this article, as determined with regard to any 20 extensions pursuant to section six hundred fifty-seven of this article. 21 § 2. This act shall take effect April 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08938-01-5