NY S00277

Establishes a New York state working families tax credit for resident taxpayers earning less than $25,000 (single), $50,000 (joint), or $25,000 (married filing separately) beginning January 1, 2024.

Provides a credit of $1,500 per qualifying child, reduced by $20 for each $1,000 of income above the threshold, with a minimum credit of $500 per child.

Requires taxpayers to provide Social Security numbers or individual taxpayer identification numbers for each qualifying child to receive the credit.

Authorizes the commissioner to make four quarterly advance payments (20% each during the tax year, with a final adjustment after year-end) via direct deposit and electronic benefit transfer cards.

Makes the refundable credit exempt from consideration as income or assets when determining eligibility for state and local benefits programs, matching federal Earned Income Tax Credit treatment.