New York A04948 amends tax law to provide an earned income tax credit for youth workers, increase the standard deduction for individuals aged 18-24.

New York A04948 amends the tax law to introduce an earned income tax credit for youth workers, defined as individuals who are not dependents, are at least 17 years old but not yet eligible for the standard earned income tax credit, and are not parents of minor children. The bill also increases the standard deduction for individuals aged 18-24 and allows a deduction for student loan interest. These provisions will take effect starting January 1, 2026, and will expire on December 31, 2031.

New York A04948 amends tax law to provide an earned income tax credit for youth workers, increase the standard deduction for individuals aged 18-24.

New York A04948 amends the tax law to introduce an earned income tax credit for youth workers, defined as individuals who are not dependents, are at least 17 years old but not yet eligible for the standard earned income tax credit, and are not parents of minor children. The bill also increases the standard deduction for individuals aged 18-24 and allows a deduction for student loan interest. These provisions will take effect starting January 1, 2026, and will expire on December 31, 2031.