New York bill A05549 proposes to double the Empire State Child Credit for young children.

New York Assembly Bill A05549 aims to amend the state tax law by doubling the Empire State Child Credit for young children. Specifically, the bill proposes to increase the credit to the greater of $100 times the number of qualifying children or the applicable percentage of the child tax credit allowed the taxpayer. The credit will be set at 33% or 66% for children under age four starting from the taxable year beginning in 2026. The bill references the Internal Revenue Code for definitions and thresholds, ensuring alignment with federal tax laws.

New York bill A05549 proposes to double the Empire State Child Credit for young children.

New York Assembly Bill A05549 aims to amend the state tax law by doubling the Empire State Child Credit for young children. Specifically, the bill proposes to increase the credit to the greater of $100 times the number of qualifying children or the applicable percentage of the child tax credit allowed the taxpayer. The credit will be set at 33% or 66% for children under age four starting from the taxable year beginning in 2026. The bill references the Internal Revenue Code for definitions and thresholds, ensuring alignment with federal tax laws.