Increases the Empire State Child Tax Credit percentage from 33% to 45% and outlines payment methods based on credit amount.

This bill raises the applicable percentage of the Empire State Child Tax Credit from 33% to 45%. It also specifies how the credit should be paid based on the amount: a lump sum for credits up to $200, three quarterly checks for credits between $200 and $2,400, and a credit equal to the applicable percentage for credits of $2,400 or more. The changes apply to taxable years beginning on or after January 1, 2025.

Increases the Empire State Child Tax Credit percentage from 33% to 45% and outlines payment methods based on credit amount.

This bill raises the applicable percentage of the Empire State Child Tax Credit from 33% to 45%. It also specifies how the credit should be paid based on the amount: a lump sum for credits up to $200, three quarterly checks for credits between $200 and $2,400, and a credit equal to the applicable percentage for credits of $2,400 or more. The changes apply to taxable years beginning on or after January 1, 2025.