Provides an exemption from taxes on income for taxpayers with at least one dependent under the age of five.

New York Assembly Bill A10724 amends the tax law to exempt the first $250,000 of income from tax for taxpayers with a New York adjusted gross income up to $5 million and who claim at least one dependent under the age of five. The Commissioner of Taxation and Finance is tasked with establishing rules and regulations to verify the accuracy of returns claiming this exemption. The bill takes effect immediately and applies to taxable years starting on and after January 1, 2026.

Provides an exemption from taxes on income for taxpayers with at least one dependent under the age of five.

New York Assembly Bill A10724 amends the tax law to exempt the first $250,000 of income from tax for taxpayers with a New York adjusted gross income up to $5 million and who claim at least one dependent under the age of five. The Commissioner of Taxation and Finance is tasked with establishing rules and regulations to verify the accuracy of returns claiming this exemption. The bill takes effect immediately and applies to taxable years starting on and after January 1, 2026.