Relates to payment of a supplemental empire state child tax credit

This bill creates a new $1,000 supplemental Empire State Child Tax Credit for the 2024 tax year and future years. It directly affects taxpayers who have a newborn child that qualifies as a dependent under federal tax rules. The credit is issued by the state tax commissioner and can be applied to reduce taxes owed or refunded if the credit amount exceeds the tax liability, though no interest will be paid on any refund. To receive the payment, individuals must have filed their tax returns on time, including any approved extensions. The law is scheduled to take effect on April 1, 2025.