BILL NUMBER:A10305
TITLE OF BILL: An act to amend the tax law, in relation to providing
for a personal income tax credit in the event of a tardy state budget
PURPOSE OR GENERAL IDEA OF BILL: Grants personal income taxpayers with a
credit of $1.00 per day for each day after April 1 until the legislature
enacts the state budget.
SUMMARY OF SPECIFIC PROVISIONS: An act to amend the tax law, in relation
to providing for a personal income tax credit in the event of a tardy
state budget.
JUSTIFICATION: The state legislature has been increasingly late in the
past fifteen years and the taxpayer has been the most directly affected
group. This bill would give the taxpayer a reward for filing their taxes
on time, while the legislators continue to give themselves extensions.
PRIOR LEGISLATIVE HISTORY:
2007: A.4839; Referred to Ways and Means
2008: A.4839; Referred to Ways and Means
2006: A.2909; Referred to Ways and Means
2005: A.2909; Referred to Ways and Means
2004: A.2228; Held for consideration in the Ways and Means
2003: A.2228; Referred to Ways and Means
2002: A.4515; Held for consideration in the Ways. and Means
S T A T E O F N E W Y O R K
________________________________________________________________________
10305
I N A S S E M B L Y
March 17, 2010
___________
Introduced by M. of A. TEDISCO, O'MARA -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing for a personal
income tax credit in the event of a tardy state budget
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (o-1) to read as follows:
(O-1) TAX CREDIT IN THE EVENT OF AN UNTIMELY BUDGET. (1) A TAXPAYER,
WHO HAS FILED A COMPLETED TAX RETURN ON OR BEFORE APRIL FIFTEENTH IN ANY
YEAR SHALL BE ENTITLED TO A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE, IN AN AMOUNT EQUAL TO ONE DOLLAR PER DAY FOR EACH DAY UP TO A MAXI-
MUM OF SEVENTY-FIVE DAYS AFTER APRIL FIRST THAT THE LEGISLATURE FAILS TO
PASS THOSE BILLS, WITH OR WITHOUT AMENDMENTS, SUBMITTED TO IT BY THE
GOVERNOR PURSUANT TO SECTION THREE OF ARTICLE SEVEN OF THE CONSTITUTION
MAKING APPROPRIATIONS AND REAPPROPRIATIONS FOR THE SUPPORT OF GOVERNMENT
AND CONSTITUTING THE STATE BUDGET.
(2) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR
ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS SHALL IN ANY EVENT BE REFUNDED AND PAID TO SUCH TAXPAYER IN THAT
YEAR IN THE SAME MANNER AS AN OVERPAYMENT OF TAX IS SO REFUNDABLE AND
PAID.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2010.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15895-01-0
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