New York bill S04103 proposes an earned income tax credit for youth workers, raises the standard deduction for young adults, and allows student loan.

New York bill S04103 amends the tax law to provide an earned income tax credit for youth workers, defined as those aged 17 to 24 who are not dependents and not parents of minor children. It increases the standard deduction for individuals aged 18 to 24, setting it at $10,000 for tax years beginning after 2025. Additionally, it introduces a deduction for student loan interest, applicable from 2026. These provisions are set to expire on December 31, 2031.

New York bill S04103 proposes an earned income tax credit for youth workers, raises the standard deduction for young adults, and allows student loan.

New York bill S04103 amends the tax law to provide an earned income tax credit for youth workers, defined as those aged 17 to 24 who are not dependents and not parents of minor children. It increases the standard deduction for individuals aged 18 to 24, setting it at $10,000 for tax years beginning after 2025. Additionally, it introduces a deduction for student loan interest, applicable from 2026. These provisions are set to expire on December 31, 2031.