NY S09610

Establishes a New York State Working Families Tax Credit of $1,500 per qualifying child for resident taxpayers with adjusted gross income below $25,000 (single), $50,000 (joint), or $25,000 (married filing separately), effective for tax years beginning January 1, 2023.

Reduces the per-child credit by $20 for each $1,000 of income above the threshold, with a floor of $500 per child.

Requires the commissioner to review and adjust income thresholds and credit amounts annually for inflation starting in tax year 2024.

Authorizes quarterly advanced payments of the credit during the tax year (20% each for first three payments, with fourth payment after year-end adjusted to actual amount), distributed via direct deposit and EBT card when practicable.

Protects taxpayers receiving advance payments in good faith from liability for overpayment if circumstances change, and exempts the credit from counting as income or assets for state and local benefit eligibility purposes.