Senate Bill S3508

2017-2018 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee Cities 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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to cities
Jan 23, 2017	referred to cities

2017-S3508 (ACTIVE) - Details

Current Committee:: Senate Cities
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:: 2015-2016: S8207
2019-2020: S2431
2021-2022: S1432

2017-S3508 (ACTIVE) - Summary

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

2017-S3508 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S3508

 TITLE OF BILL :  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

 PURPOSE OR GENERAL IDEA OF BILL :

This bill would increase the earned income tax credit against the city
of New York's personal income tax from five to fifteen percent

 SUMMARY OF SPECIFIC PROVISIONS :

-Amends the administrative code of the city of New York to specify
that beginning in the taxable year of 2017, a credit against the city
personal income tax equal to fifteen percent of the Earned Income Tax
Credit (EITC) shall be allowed under section thirty-two of the
internal revenue code.

-Amends the tax law to specify that beginning in the taxable year of
2017, a credit against the city personal income tax equal to fifteen
percent of the Earned Income Tax Credit shall be allowed under section
thirty-two of the internal revenue code.

 JUSTIFICATION :

The EITC is a refundable tax credit for low to moderate income working
individuals designed to incentivize employment by offsetting federal,
state and city taxes. The EITC is one of the government's best tools
in fighting poverty. The EITC has proven to help reduce poverty,
promote employment, and ensure families can pay their bills. Studies
have shown that the EITC not only helps stimulate the local economy
and reduce poverty, but also has ancillary benefits like increased
academic achievement and improving the public health.

Recently, New York City Comptroller Scott M. Stringer, issued a report
detailing the effects of tripling New York City's portion of the EITC.
Among the report's findings were that a fifteen percent EITC in New
York City would lift 15,000 additional families out of poverty, raise
the incomes of millions more working individuals, and effectively
eliminate City income tax for nearly 6,000 New Yorkers.

Approximately, 1 in 5 New Yorkers claim the EITC. That number rises in
certain areas like the Bronx, where more than one-third of residents
claim the EITC. By tripling the EITC we have the opportunity to inject
millions of dollars into the local economy, and help millions living
near the poverty line put food on the table, repay debt, build
savings, invest in their homes, pay for education and plan for their
future.

 PRIOR LEGISLATIVE HISTORY :

2016: S8207-REFERRED TO RULES

 EFFECTIVE DATE :
Immediately.

2017-S3508 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3508
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2017
                                ___________
 
 Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 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 EIGHTEEN, 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.
   § 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  EIGHTEEN, A CREDIT
 AGAINST THE CITY PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO  FIFTEEN

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08022-02-7

 S. 3508                             2
 
 PERCENT  OF THE EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO OF
 THE INTERNAL REVENUE CODE FOR THE SAME TAXABLE YEAR.
   §  3. This act shall take effect immediately, and shall apply to taxa-
 ble years beginning on or after January 1, 2018.

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Senate Bill S3508

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Archive: Last Bill Status - In Senate Committee Cities Committee

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2017-S3508 (ACTIVE) - Details

2017-S3508 (ACTIVE) - Summary

2017-S3508 (ACTIVE) - Sponsor Memo

2017-S3508 (ACTIVE) - Bill Text download pdf

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Sponsored By

Jose M. Serrano

Archive: Last Bill Status - In Senate Committee Cities Committee

Actions

2017-S3508 (ACTIVE) - Details

2017-S3508 (ACTIVE) - Summary

2017-S3508 (ACTIVE) - Sponsor Memo

2017-S3508 (ACTIVE) - Bill Text download pdf

Comments