Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes.

This bill amends the tax law to establish a New York state working families tax credit. It allows resident taxpayers a credit for qualifying children through age seventeen, with amounts varying by filing status and year. The credit is subject to a sliding reduction based on income thresholds. The commissioner will provide quarterly prepayments of the credit, with adjustments based on changes in employment or family status. The credit will not be considered as income for other state or local benefits.

Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes.

This bill amends the tax law to establish a New York state working families tax credit. It allows resident taxpayers a credit for qualifying children through age seventeen, with amounts varying by filing status and year. The credit is subject to a sliding reduction based on income thresholds. The commissioner will provide quarterly prepayments of the credit, with adjustments based on changes in employment or family status. The credit will not be considered as income for other state or local benefits.