assembly Bill A10775

2019-2020 Legislative Session

Relates to providing for the advance payment of the earned income tax credit

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Sponsored By

Archive: Last 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 09, 2020 referred to ways and means

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A10775 (ACTIVE) - Details

See Senate Version of this Bill:
S8670
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A2533, S537

A10775 (ACTIVE) - Summary

Provides for the advance payment of the earned income tax credit to qualifying employees.

A10775 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10775
 
                           I N  A S S E M B L Y
 
                               July 9, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Fahy, McDo-
   nald, Hevesi, Jaffee, Barron, Gottfried, Englebright, Thiele,  Mosley,
   Stern,  Arroyo) -- read once and referred to the Committee on Ways and
   Means
 
 AN ACT to amend the tax law, in relation to providing  for  the  advance
   payment of 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. PROVIDED, HOWEVER, FOR TAXABLE YEARS BEGINNING IN
 TWO THOUSAND TWENTY AND THEREAFTER, FOR THE PURPOSE OF  DETERMINING  THE
 AMOUNT  OF  TAX  CREDIT  UNDER THIS PARAGRAPH, IN CALCULATING THE EARNED
 INCOME TAX CREDIT ALLOWED  UNDER  SECTION  THIRTY-TWO  OF  THE  INTERNAL
 REVENUE  CODE,  THE PHASEOUT AMOUNT AS REFERENCED IN SECTION 32(B)(2)(A)
 OF THE INTERNAL REVENUE CODE SHALL BE READ AS TWENTY FOUR THOUSAND  NINE
 HUNDRED SIXTY DOLLARS INSTEAD OF ELEVEN THOUSAND SIX HUNDRED TEN DOLLARS
 AND SUCH PHASEOUT AMOUNT SHALL BE SUBJECT TO ADJUSTMENTS MADE IN SECTION
 THIRTY-TWO OF THE INTERNAL REVENUE CODE (THE CALENDAR YEAR REFERENCED IN
 THE  COST  OF  LIVING  ADJUSTMENT IN SECTION 32(J)(1)(B) OF THE INTERNAL
 REVENUE CODE SHALL BE APPLIED AS CALENDAR YEAR TWO THOUSAND TWENTY  WITH
 RESPECT  TO  THE  PHASEOUT  AMOUNTS),  INCLUDING  AN ADDITIONAL PHASEOUT
 AMOUNT FOR A JOINT FILER AND  INFLATION  ADJUSTMENT  SPECIFIED  IN  SUCH
 SECTION  OF THE INTERNAL REVENUE CODE FOR TAXABLE YEARS BEGINNING IN TWO
 THOUSAND TWENTY AND THEREAFTER.
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets