New York City income tax elimination credit (Article 30)

For tax years beginning on or after January 1, 2025, a new credit is available to eligible full-year or part-year New York City residents. The credit may reduce or eliminate New York City personal income tax liability.

An eligible taxpayer is a full-year or part-year New York City resident who:

claims one or more dependents,

has a federal adjusted gross income (FAGI) within an applicable income threshold,

does not claim a New York City or New York State Pass-through entity tax (PTET) credit, and

has investment income of $10,000 or less.

For more information, visit New York City income tax elimination credit .

[Part W of Chapter 59 of the Laws of 2025; Tax Law § 1310(h); Administrative Code of the City of New York §11-1706(h)]