assembly Bill A2018

2017-2018 Legislative Session

Increases the amount of the earned income tax credit

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to ways and means
Jan 17, 2017 referred to ways and means

Co-Sponsors

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Multi-Sponsors

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A2018 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Sessions:
2015-2016: A4340A
2013-2014: A4280
2011-2012: A9542

A2018 - Summary

Increases the amount of the earned income tax credit.

A2018 - Bill Text download pdf

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

                                  2018

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 17, 2017
                               ___________

Introduced  by  M.  of A. SCHIMMINGER, BENEDETTO, CRESPO, GANTT, LAVINE,
  CAHILL, WEPRIN, AUBRY -- Multi-Sponsored by -- M.  of  A.  BRAUNSTEIN,
  COLTON,  GLICK,  GOTTFRIED,  HIKIND,  PERRY,  THIELE  -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to increasing 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 subsection (d) of section 606 of the tax
law, as amended by section 1 of part Q of chapter  63  of  the  laws  of
2000, is amended to read as follows:
  (1)  General.  A taxpayer shall be allowed a credit as provided herein
equal to (i) the applicable  percentage  of  the  earned  income  credit
allowed  under  section  thirty-two of the internal revenue code for the
same taxable year, (ii) reduced by the credit permitted under subsection
(b) of this section.
  The applicable percentage shall be (i) seven and one-half percent  for
taxable  years  beginning  in  nineteen  hundred  ninety-four,  (ii) ten
percent for taxable years beginning  in  nineteen  hundred  ninety-five,
(iii)  twenty percent for taxable years beginning after nineteen hundred
ninety-five and  before  two  thousand,  (iv)  twenty-two  and  one-half
percent  for  taxable  years  beginning in two thousand, (v) twenty-five
percent for taxable years beginning in two thousand  one,  (vi)  twenty-
seven  and  one-half percent for taxable years beginning in two thousand
two, [and] (vii) thirty percent for taxable years beginning in two thou-
sand three AND BEFORE TWO  THOUSAND  SEVENTEEN,  (VIII)  THIRTY-TWO  AND
ONE-HALF  PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND SEVENTEEN,
AND (IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND
EIGHTEEN and thereafter. Provided, however, that if the reversion event,
as defined in this paragraph, occurs, the applicable percentage shall be
twenty percent for taxable years ending on or after the  date  on  which

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05721-01-7

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