New York Senate Bill S04103 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4103 2025-2026 Regular Sessions  IN SENATE January 31, 2025 ___________ Introduced by Sens. PARKER, FERNANDEZ -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Reven- ue AN ACT to amend the tax law, in relation to providing an earned income tax credit to youth workers, increasing the standard deduction and providing for the deduction of student loan interest; and providing for the repeal of such provisions upon expiration thereof 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 (d-2) to read as follows: 3 (d-2) Earned income tax credit for youth workers. (1) A taxpayer 4 described in paragraph two of this subsection shall be allowed a credit 5 equal to the product of one and three-tenths and the amount of the 6 earned income tax credit that would have been allowed to the taxpayer 7 under section 32 of the internal revenue code, if the taxpayer had 8 attained the minimum age of eligibility for such earned income tax cred- 9 it set forth in section 32(c)(1)(A)(ii)(II) of the internal revenue 10 code. 11 (2) To be allowed a credit under this subsection, a taxpayer shall 12 satisfy all of the following qualifications: 13 (A) The taxpayer shall be a resident taxpayer who is not claimed as a 14 dependent of another taxpayer. 15 (B) The taxpayer shall have attained the age of seventeen and shall 16 not have attained the minimum age at which a taxpayer is qualified for 17 the earned income tax credit as such age is set forth in section 18 32(c)(1)(A)(ii)(II) of the internal revenue code. 19 (C) The taxpayer shall not be the custodial or non-custodial parent of 20 a minor child or children. 21 (3) Nothing in this section shall be deemed to prohibit the qualifica- 22 tions of a taxpayer who is otherwise eligible for the earned income tax EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06052-01-5 
 S. 4103 2 1 credit and who is enrolled in a full-time or part-time academic program 2 leading to completion of a high school diploma, general equivalency 3 diploma, post-secondary certificate or work readiness credential, asso- 4 ciate degree or baccalaureate degree. 5 (4) Reports. The commissioner shall prepare a preliminary written 6 report after July thirty-first and a final written report after December 7 thirty-first of each calendar year, which shall contain statistical 8 information regarding the credits granted on or before such dates under 9 this subsection during such calendar year. Copies of these reports shall 10 be submitted by such commissioner to the governor, the temporary presi- 11 dent of the senate, the speaker of the assembly, the chair of the senate 12 finance committee and the chair of the assembly ways and means committee 13 within sixty days of July thirty-first with respect to the preliminary 14 report, and within forty-five days of December thirty-first with respect 15 to the final report. Such reports shall contain, but need not be limit- 16 ed to, the number of credits and the average amount of such credits 17 allowed. Such information shall include the number of credits and the 18 average amount of such credits allowed; and of those, the number of 19 credits and the average amounts of such credits allowed to taxpayers in 20 each county. 21 § 2. Subsection (a) of section 614 of the tax law, as amended by 22 section 1 of part JJ of chapter 59 of the laws of 2018, is amended to 23 read as follows: 24 (a) Unmarried individual. For taxable years beginning after nineteen 25 hundred ninety-six, the New York standard deduction of a resident indi- 26 vidual who is not married nor the head of a household nor a surviving 27 spouse nor an individual who is claimed as a dependent by another New 28 York state taxpayer shall be seven thousand five hundred dollars; for 29 taxable years beginning in nineteen hundred ninety-six, such standard 30 deduction shall be seven thousand four hundred dollars; for taxable 31 years beginning in nineteen hundred ninety-five, such standard deduction 32 shall be six thousand six hundred dollars; and for taxable years begin- 33 ning after nineteen hundred eighty-nine and before nineteen hundred 34 ninety-five, such standard deduction shall be six thousand dollars. For 35 taxable years beginning after two thousand twenty-six, the New York 36 standard deduction of a resident individual who is between the ages of 37 eighteen and twenty-four and who is not married nor the head of a house- 38 hold nor a surviving spouse nor an individual whose federal exemption 39 amount is zero shall be ten thousand dollars. 40 § 3. Section 615 of the tax law is amended by adding a new subsection 41 (h) to read as follows: 42 (h) For taxable years beginning on and after January first, two thou- 43 sand twenty-six, in the case of a resident individual, there shall be 44 allowed as a deduction for the taxable year an amount equal to the 45 interest paid by the taxpayer during the taxable year on any qualified 46 education loan to the extent and as provided in section 221 of the 47 Internal Revenue Code. 48 § 4. This act shall take effect immediately and shall apply to taxable 49 years beginning on or after January 1, 2026 and shall expire and be 50 deemed repealed December 31, 2031.