Senate Bill S8207

2015-2016 Legislative Session

Relates to increasing the earned income tax credit in the city of New York from five to fifteen percent

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S8207 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-1706, NYC Ad Cd; amd §1310, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3508
2019-2020: S2431
2021-2022: S1432

2015-S8207 (ACTIVE) - Summary

Increases the earned income tax credit in the city of New York from five to fifteen percent.

2015-S8207 (ACTIVE) - Sponsor Memo

2015-S8207 (ACTIVE) - Bill Text download pdf

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

                                  8207

                            I N  S E N A T E

                            October 24, 2016
                               ___________

Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the administrative code of the city of New York and  the
  tax law, in relation to the earned income tax credit

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

  Section 1. Paragraph 1 of subdivision (d) of section  11-1706  of  the
administrative  code  of  the  city  of  New York, as added by local law
number 39 of the city of New York for the year 2004, is amended to  read
as follows:
  (1)  For  taxable  years  beginning after two thousand three, a credit
against the city personal income tax shall be  allowed,  equal  to  five
percent  of the earned income credit allowed under section thirty-two of
the internal revenue code for the same taxable  year;  AND  FOR  TAXABLE
YEARS  BEGINNING AFTER TWO THOUSAND SEVENTEEN, A CREDIT AGAINST THE CITY
PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO FIFTEEN  PERCENT  OF  THE
EARNED  INCOME  CREDIT  ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL
REVENUE CODE FOR THE SAME TAXABLE YEAR.
  S 2. Paragraph 1 of subsection (f) of section 1310 of the tax law,  as
added  by  section  2  of  part  V of chapter 60 of the laws of 2004, is
amended to read as follows:
  (1) Notwithstanding any other provision of law to  the  contrary,  any
city  having  a  population  of  one million or more, acting through its
local legislative body, is hereby authorized and empowered to adopt  and
amend  local laws granting in any such city, for taxable years beginning
after two thousand three, a credit against the city personal income  tax
equal  to five percent of the earned income credit allowed under section
thirty-two of the internal revenue code for the same taxable  year;  AND
FOR  TAXABLE  YEARS  BEGINNING  AFTER  TWO  THOUSAND SEVENTEEN, A CREDIT
AGAINST THE CITY PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO  FIFTEEN
PERCENT  OF THE EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO OF
THE INTERNAL REVENUE CODE FOR THE SAME TAXABLE YEAR.
  S 3. This act shall take effect immediately, and shall apply to  taxa-
ble years beginning on or after January 1, 2017.

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

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