WeVote
Log In

Bill

Bill

A 2492

Increases the applicable percentage of the child tax credit allowed in the empire state child tax credit to forty-five percent

2025 Regular Session Introduced by Joe Angelino and 24 co-sponsors

Bill A 2492 boosts New York's child tax credit to 45%, providing greater financial relief to families with children for education, healthcare, and living expenses.

REFERRED TO WAYS AND MEANS
0
WeVote Research Nonpartisan
Bill Summary · A 2492

Summary of Bill A 2492

Bill Overview

  • Bill Number: A 2492
  • Title: Increases the applicable percentage of the child tax credit allowed in the Empire State Child Tax Credit to forty-five percent
  • Status: Referred to Ways and Means
  • Introduced On: January 17, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill A 2492 is to enhance the financial support provided to families with children in New York State by increasing the percentage of the child tax credit available under the Empire State Child Tax Credit program. This increase aims to alleviate financial burdens on families and promote child welfare by providing additional resources for child-related expenses.

Key Provisions

  • Increase in Child Tax Credit Percentage: The bill proposes to raise the applicable percentage of the child tax credit from its current rate to forty-five percent. This change is intended to provide greater financial relief to families with dependent children.

Impact

  • Affected Population: The bill is expected to benefit families with children in New York State who qualify for the Empire State Child Tax Credit. By increasing the credit percentage, eligible families will receive a larger tax benefit, which can help cover costs such as education, healthcare, and basic living expenses.

  • Financial Implications: While the exact fiscal impact of this increase is not detailed in the bill, it is anticipated that the enhancement of the child tax credit will result in increased tax refunds or reductions in tax liabilities for qualifying families.

Legislative Process

  • Current Status: As of January 17, 2025, the bill has been referred to the Ways and Means Committee for further consideration. This committee will review the bill, potentially hold hearings, and make recommendations for amendments or approval.

Related Legislation

  • A 9257: A related bill from the prior legislative session that may address similar issues or provisions regarding child tax credits.
  • S 6838: A companion bill in the Senate that aligns with the objectives of A 2492, indicating bipartisan interest in enhancing child tax credits.

Conclusion

Bill A 2492 represents a significant effort to increase financial support for families with children in New York State. By raising the child tax credit percentage to forty-five percent, the bill aims to provide much-needed assistance to families, thereby promoting economic stability and child welfare. The bill is currently under review by the Ways and Means Committee, and its progress will be closely monitored by stakeholders interested in child tax policy and family support initiatives.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.