NY A04022

Establishes a new New York State Working Families Tax Credit providing per-child credits that increase over five years: $550 in year one, $800 in year two, $1,000 in year three, $1,200 in year four, and $1,600 in year five and beyond for qualifying children through age 17.

Phases out the credit by $20 for each $1,000 of state adjusted gross income exceeding specified thresholds that decrease over time, ranging from $75,000-$110,000 in year one to $25,000-$50,000 in year five and thereafter, with a minimum floor of $100 per child.

Makes the credit fully refundable, with excess amounts treated as tax overpayments credited or refunded without interest, and requires taxpayers to provide Social Security or ITIN numbers for each qualifying child.

Establishes quarterly advanced payments beginning in year four, with four installments per year (20% each for the first three payments, adjusted final payment after tax year ends) delivered via direct deposit or EBT card when practicable.

Phases out the federal Earned Income Tax Credit over four years for taxpayers with only children through age 17, reducing it from 25% to 0% by year five, while protecting taxpayers with additional dependents from this reduction.

Eliminates New York personal exemptions for qualifying children beginning in year two and for children through age 17 beginning in year four.