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Assembly Bill A9099

2015-2016 Legislative Session

Provides for the installment payment for the earned income credit

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Archive: Last Bill Status - In Assembly Committee

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2015-A9099 (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: A5158
2019-2020: A5323

2015-A9099 (ACTIVE) - Summary

Provides for monthly installment payments for the earned income credit.

2015-A9099 (ACTIVE) - Bill Text download pdf 

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

                                  9099

                          I N  A S S E M B L Y

                            January 26, 2016
                               ___________

Introduced  by  M. of A. CRESPO, SEPULVEDA, RIVERA, RODRIGUEZ, PICHARDO,
  RAMOS, ARROYO,  DAVILA,  LINARES,  MOYA,  GOODELL  --  read  once  and
  referred to the Committee 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 THER-
EAFTER, 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 eightieth 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.
                                                           LBD13757-01-6

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