Increases the Empire State Child Tax Credit percentage from 33% to 45% and outlines payment methods.

This bill amends the tax law to increase the applicable percentage of the Empire State Child Tax Credit from 33% to 45%. It specifies that the payment or refund of this credit should be made in a lump sum for amounts equal to or less than $200, in three quarterly checks for amounts between $200 and $2,400, and in equal monthly payments for amounts of $2,400 or more. The bill applies to taxable years beginning on or after January 1, 2025.

Increases the Empire State Child Tax Credit percentage from 33% to 45% and outlines payment methods.

This bill amends the tax law to increase the applicable percentage of the Empire State Child Tax Credit from 33% to 45%. It specifies that the payment or refund of this credit should be made in a lump sum for amounts equal to or less than $200, in three quarterly checks for amounts between $200 and $2,400, and in equal monthly payments for amounts of $2,400 or more. The bill applies to taxable years beginning on or after January 1, 2025.