NY A09257

Increases the Empire State child tax credit applicable percentage from 33% to 45% of the federal child tax credit allowed under Internal Revenue Code section 24

Allows resident taxpayers with qualifying children to claim the greater of $100 per child or the applicable percentage of the federal child tax credit, unless their federal adjusted gross income exceeds the threshold in IRC section 24(b)(2)

For taxable years beginning January 1, 2024 or later, taxpayers may elect to receive their Empire State child tax credit payment as follows: lump sum if $200 or less; three quarterly payments of 25% each plus remaining balance in final refund if between $200 and $2,400; equal monthly payments if $2,400 or greater

Applies to taxable years beginning on or after January 1, 2024

Takes effect immediately upon enactment