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Assembly Bill A4351

2015-2016 Legislative Session

Establishes a self-employed taxpayer credit

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Archive: Last Bill Status - In Assembly Committee

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2015-A4351 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A7047

2015-A4351 (ACTIVE) - Summary

Establishes a self-employed taxpayer credit.

2015-A4351 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4351

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by M. of A. TEDISCO -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to establishing  a  tax  credit
  for low income individuals subject to the federal self-employment tax

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative intent. The legislature recognizes the need  to
alleviate the tax burden of low income individual taxpayers whose income
is largely derived from self-employment and therefore affected by feder-
al  self-employment taxes to a degree disproportionate with such taxpay-
ers' level of disposable income. This circumstance  hinders  many  newly
started  businesses  in the state. Therefore, this act provides a state-
level credit to provide relief to these taxpayers.
  S 2. Section 606 of the tax law is amended by adding a new  subsection
(ccc) to read as follows:
  (CCC)  SELF-EMPLOYED  TAXPAYER  CREDIT.    (1)  GENERAL.  A  QUALIFIED
SELF-EMPLOYED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED
BY THIS ARTICLE EQUAL TO TWENTY-FIVE  PERCENT  OF  HIS  OR  HER  FEDERAL
SELF-EMPLOYMENT  TAX LIABILITY FOR THE YEAR, BUT NOT EXCEEDING A MAXIMUM
AMOUNT OF FIVE HUNDRED DOLLARS, AND SUBJECT  TO  PHASE-OUT  AS  PROVIDED
UNDER PARAGRAPH THREE OF THIS SUBSECTION.
  (2)  DEFINITION  OF  "QUALIFIED  SELF-EMPLOYED  TAXPAYER". A QUALIFIED
SELF-EMPLOYED TAXPAYER IS AN INDIVIDUAL TAXPAYER,  WHOSE  FEDERAL  GROSS
INCOME FOR THE TAX YEAR IS BELOW FORTY THOUSAND DOLLARS, AND WHOSE BUSI-
NESS  INCOME IN THE YEAR IS AN AMOUNT OF AT LEAST SEVENTY PERCENT OF HIS
OR HER FEDERAL GROSS INCOME. BUSINESS ENTITIES SHALL NOT BE QUALIFIED.
  (3) MAXIMUM CREDIT PHASE-OUT.  THE  MAXIMUM  ALLOWED  CREDIT  OF  FIVE
HUNDRED  DOLLARS  SHALL  BE  REDUCED  DOLLAR  FOR DOLLAR FOR EACH DOLLAR
BEYOND THIRTY-NINE  THOUSAND  FIVE  HUNDRED  DOLLARS  OF  FEDERAL  GROSS
INCOME,  SUCH  THAT  THE  CREDIT  IS COMPLETELY PHASED OUT UPON REACHING
FORTY THOUSAND DOLLARS OF FEDERAL GROSS INCOME.
  S 3. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2016.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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