S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11111
 
                           I N  A S S E M B L Y
 
                             November 6, 2020
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Reilly) --
   read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing  a  tax  credit
   for  taxpayers who received unemployment insurance benefits during the
   COVID-19 pandemic
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (kkk) to read as follows:
   (KKK) COVID-19 UNEMPLOYMENT BENEFITS CREDIT. (1) GENERAL. A QUALIFYING
 INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE  YEARS  BEGIN-
 NING  ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND TWENTY AGAINST THE TAX
 IMPOSED BY THIS ARTICLE TO OFFSET TAXES PAID ON THE RECEIPT OF UNEMPLOY-
 MENT INSURANCE BENEFITS DURING THE COVID-19 COVERED PERIOD.  THE  AMOUNT
 OF SUCH CREDIT SHALL BE FIVE HUNDRED DOLLARS.
   (2) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION:
   (A) THE TERM "QUALIFYING INDIVIDUAL TAXPAYER" SHALL MEAN AN INDIVIDUAL
 TAXPAYER  WHO RECEIVED UNEMPLOYMENT INSURANCE BENEFITS PURSUANT TO ARTI-
 CLE EIGHTEEN OF THE LABOR LAW DURING THE COVID-19 COVERED PERIOD.
   (B) THE TERM "COVID-19 COVERED PERIOD" SHALL MEAN MARCH TWENTIETH, TWO
 THOUSAND TWENTY UNTIL THE DATE ON WHICH  NONE  OF  THE  PROVISIONS  THAT
 CLOSED OR OTHERWISE RESTRICTED PUBLIC OR PRIVATE BUSINESSES OR PLACES OF
 PUBLIC  ACCOMMODATION,  OR  REQUIRED POSTPONEMENT OR CANCELLATION OF ALL
 NON-ESSENTIAL GATHERINGS OF INDIVIDUALS OF ANY SIZE FOR  ANY  REASON  IN
 EXECUTIVE  ORDER  202.3,  202.4,  202.5,  202.6,  202.7,  202.8, 202.10,
 202.11, 202.13 OR 202.14, AS EXTENDED BY  EXECUTIVE  ORDERS  202.28  AND
 202.31  AND AS FURTHER EXTENDED BY ANY FUTURE EXECUTIVE ORDER, ISSUED IN
 RESPONSE TO THE COVID-19 PANDEMIC CONTINUE TO APPLY.
   (3) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED
 OR  REFUNDED  IN  ACCORDANCE  WITH THE PROVISIONS OF SECTION SIX HUNDRED
 EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST WILL  BE
 PAID THEREON.
   § 2. This act shall take effect immediately.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD17443-01-0