|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 30, 2019||referred to ways and means|
assembly Bill A3702
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A3702 (ACTIVE) - Details
A3702 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3702 2019-2020 Regular Sessions I N A S S E M B L Y January 30, 2019 ___________ Introduced by M. of A. SCHIMMINGER, BENEDETTO, CRESPO, GANTT, LAVINE, CAHILL, WEPRIN, AUBRY -- Multi-Sponsored by -- M. of A. BRAUNSTEIN, COLTON, GLICK, GOTTFRIED, 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 NINETEEN, (VIII) THIRTY-TWO AND ONE- HALF PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINETEEN, AND (IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWENTY 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.
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