Establishes a working families tax credit with quarterly prepayments and sliding reductions based on income.

The bill introduces a working families tax credit in New York, offering quarterly prepayments and a sliding reduction for incomes exceeding specified thresholds. The credit amount varies by year and family structure, starting at $550 per qualifying child in the first year and increasing to $1,600 by the fifth year, adjusted for inflation. The credit phases out for incomes over $75,000 for single filers, $110,000 for joint filers, and $75,000 for married filers separately. The credit is treated similarly to the federal Earned Income Tax Credit for eligibility in state and local programs.

Establishes a working families tax credit with quarterly prepayments and sliding reductions based on income.

The bill introduces a working families tax credit in New York, offering quarterly prepayments and a sliding reduction for incomes exceeding specified thresholds. The credit amount varies by year and family structure, starting at $550 per qualifying child in the first year and increasing to $1,600 by the fifth year, adjusted for inflation. The credit phases out for incomes over $75,000 for single filers, $110,000 for joint filers, and $75,000 for married filers separately. The credit is treated similarly to the federal Earned Income Tax Credit for eligibility in state and local programs.