Assembly Bill A7486

2015-2016 Legislative Session

Provides for the installment payment for the earned income credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A7486 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §686, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A4300
2019-2020: A5574
2021-2022: A5024
2023-2024: A1737, A6013

2015-A7486 (ACTIVE) - Summary

Provides for the installment payment for the earned income credit.

2015-A7486 (ACTIVE) - Bill Text download pdf 

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

                                  7486

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 13, 2015
                               ___________

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

AN ACT to amend the tax law, in relation to installment payment for  the
  earned income credit

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

  Section 1. Section 686 of the tax law  is  amended  by  adding  a  new
subsection (j) to read as follows:
  (J) EARNED INCOME TAX CREDIT.  AN EARNED INCOME TAX CREDIT PURSUANT TO
SUBSECTION (D) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE OR AN ENHANCED
EARNED  INCOME  TAX  CREDIT  PURSUANT TO SUBSECTION (D-1) OF SECTION SIX
HUNDRED SIX OF THIS ARTICLE SHALL BE PAID TO THE  TAXPAYER  AS  FOLLOWS:
(I)  FOR  AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS, THE PAYMENT
OR REFUND SHALL BE MADE IN A LUMP SUM, (II) FOR AMOUNTS IN EXCESS OF TWO
HUNDRED DOLLARS AND LESS THAN TWO THOUSAND  FOUR  HUNDRED  DOLLARS,  THE
PAYMENT OR REFUND SHALL BE TWO HUNDRED DOLLARS A MONTH FOR THE NUMBER OF
MONTHS  EQUAL  TO  THE  TOTAL  AMOUNT THEREOF DIVIDED BY TWO HUNDRED AND
ROUNDED DOWN TO THE NEAREST WHOLE NUMBER, AND THE REMAINING  BALANCE  OF
SUCH  PAYMENT OR REFUND SHALL BE MADE IN THE FIRST MONTH THEREAFTER, AND
(III) FOR AMOUNTS EQUAL TO OR GREATER THAN  TWO  THOUSAND  FOUR  HUNDRED
DOLLARS,  THE  PAYMENT OR REFUND SHALL BE PAID IN EQUAL MONTHLY PAYMENTS
EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY TWELVE.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law. Effective immediately, the  commissioner  of
taxation  and  finance  is  authorized  to  make any addition, amendment
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date on or before such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03369-03-5

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