Summary of Bill S 367: Empire State Child Credit Calculation

Bill Overview

• Bill Number: S 367
• Title: Relates to the calculation of the Empire State Child Credit
• Status: Referred to Budget and Revenue
• Introduced On: January 08, 2025
• Classification: Bill

Purpose and Intent

The primary purpose of Bill S 367 is to amend the existing framework for calculating the Empire State Child Credit, a tax credit designed to provide financial relief to families with children in New York State. The bill aims to ensure that the calculation method reflects current economic conditions and adequately supports families in need.

Key Provisions

While the specific provisions of the bill are not detailed in the provided information, the following are typical elements that may be included in such legislation:

• Revised Calculation Method: The bill may propose changes to how the credit is calculated, potentially adjusting income thresholds or credit amounts to better align with inflation or changes in the cost of living.
• Eligibility Criteria: Updates to eligibility requirements for families seeking to claim the credit, which could include adjustments based on family size or income levels.
• Implementation Timeline: The bill may outline when the new calculation method would take effect, ensuring families can benefit from the changes in a timely manner.

Impact

• Affected Parties: The bill primarily affects families with children in New York State who qualify for the Empire State Child Credit. It may also impact state revenue, depending on the adjustments made to the credit.
• Financial Relief: By potentially increasing the credit or adjusting eligibility, the bill aims to provide greater financial support to families, helping them manage the costs associated with raising children.

Legislative Process

• Current Status: As of January 08, 2025, the bill has been referred to the Budget and Revenue Committee for further consideration. This step is crucial for determining the bill's viability and potential amendments before it can be voted on by the full legislature.

Related Legislation

Bill S 367 is connected to several prior-session bills, indicating ongoing legislative interest in the Empire State Child Credit:
- A 8835 (prior-session)
- S 5866 (prior-session)
- S 771 (prior-session)
- A 1972 (companion)

These related bills may provide context or additional insights into the legislative intent and historical discussions surrounding the child credit.

Conclusion

Bill S 367 represents a significant effort to enhance the Empire State Child Credit, aiming to provide better financial support for families in New York. As it moves through the legislative process, stakeholders and families alike will be watching closely to see how the proposed changes could impact their financial situations.