New York Assembly Bill A04886 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4886 2025-2026 Regular Sessions  IN ASSEMBLY February 10, 2025 ___________ Introduced by M. of A. BICHOTTE HERMELYN, COLTON, CRUZ, JACKSON, LEVEN- BERG, WALKER, KELLES, SEAWRIGHT, EPSTEIN, HYNDMAN, LUCAS, DAVILA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a tax credit for certain taxpayers who suffer the birth of a stillborn child The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (bbb) to read as follows: 3 (bbb) Stillbirth tax credit. (1) A taxpayer shall be allowed a refund- 4 able credit against the tax imposed by this article equal to two thou- 5 sand dollars for the birth of a stillborn child, provided the stillborn 6 child would have been a dependent of the taxpayer as defined by section 7 152 of the Internal Revenue Code. The credit shall be allowed for the 8 taxable year in which a certificate of still birth is issued pursuant to 9 section four thousand one hundred sixty-a of the public health law. 10 (2) For purposes of this subsection, "birth of a stillborn child" 11 shall mean the birth of a child for whom a certificate of still birth 12 has been issued pursuant to section four thousand one hundred sixty-a of 13 the public health law. 14 § 2. This act shall take effect immediately and shall apply to taxable 15 years commencing on and after January 1, 2025. Effective immediately, 16 the addition, amendment and/or repeal of any rule or regulation neces- 17 sary for the implementation of this act on its effective date are 18 authorized to be made on or before such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07296-01-5