Senate Bill S2038

2017-2018 Legislative Session

Establishes a childcare advance which enables certain taxpayers to defer payment of a portion of their tax liability

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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2017-S2038 (ACTIVE) - Details

See other versions of this Bill:
A4943 ,
S7007 ,
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §608, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S6714, A9699

2017-S2038 (ACTIVE) - Summary

Establishes a childcare advance which enables certain taxpayers to defer payment of a portion of their tax liability.

2017-S2038 (ACTIVE) - Sponsor Memo

2017-S2038 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2038
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced by Sens. SQUADRON, KENNEDY -- read twice and ordered printed,
   and  when  printed  to be committed to the Committee on Investigations
   and Government Operations
 
 AN ACT to amend the tax law, in relation  to  establishing  a  childcare
   advance  which enables certain taxpayers to defer payment of a portion
   of their tax liability

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The tax law is amended by adding a new section 608 to read
 as follows:
   § 608. CHILDCARE ADVANCE. (A) ANY RESIDENT TAXPAYER WHO, IN A  TAXABLE
 YEAR,  HAS  "EMPLOYMENT  RELATED  EXPENSES"  AS  DEFINED IN THE INTERNAL
 REVENUE CODE SECTION 21(B)(2) FOR A DEPENDENT UNDER AGE FIVE  AND  WOULD
 BE  ELIGIBLE TO USE THOSE EXPENSES AS THE BASIS FOR CALCULATING A CREDIT
 UNDER INTERNAL REVENUE CODE SECTION 21 (WITHOUT REGARD  TO  WHETHER  THE
 TAXPAYER  IN FACT CLAIMED THE CREDIT UNDER SUCH SECTION FOR SUCH TAXABLE
 YEAR), MAY DEFER PAYMENT OF THEIR TAX LIABILITY FOR  THAT  TAXABLE  YEAR
 UNDER THIS ARTICLE BY THE AMOUNT OF THOSE EXPENSES BUT NOT TO EXCEED TWO
 THOUSAND DOLLARS.
   (B)  ANY  TAXPAYER  WHO  DEFERS TAX LIABILITY UNDER SUBDIVISION (A) OF
 THIS SECTION SHALL BE LIABLE: (I) ONCE THE TAXPAYER IS NO LONGER  TAKING
 THE DEFERRAL, FOR THE FULL AMOUNT PREVIOUSLY DEFERRED DIVIDED INTO EQUAL
 PAYMENTS  OVER  TEN  YEARS,  EXCEPT  THAT  (II)  IN ANY FUTURE YEARS THE
 TAXPAYER TAKES THE DEFERRAL, THAT TAXPAYER IS LIABLE ONLY FOR  ONE-TENTH
 OF  EACH  DEFERRAL  TAKEN  FIVE  OR MORE YEARS PRIOR UNTIL EACH OF THOSE
 DEFERRALS IS REPAID. AT NO  POINT  SHALL  THE  TAXPAYER  BE  LIABLE  FOR
 AMOUNTS PREVIOUSLY REPAID.  REPAYMENT SHALL BE MADE WITHOUT INTEREST.
   (C)  ANY  TAXPAYER  WHO  DEFERS TAX LIABILITY UNDER SUBDIVISION (A) OF
 THIS SECTION, AND WHO MOVES TO A RESIDENCE OUTSIDE THE STATE OF NEW YORK
 IN A STATE, TERRITORY OR COUNTRY WHICH DOES NOT MAINTAIN  EFFECTIVE  AND
 APPLICABLE  RECIPROCITY  WITH THE STATE OF NEW YORK, SHALL BE LIABLE FOR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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