senate Bill S8670

2019-2020 Legislative Session

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

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Sponsored By

Current Bill Status - In Senate Committee Rules 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 02, 2020 referred to rules

S8670 (ACTIVE) - Details

See Assembly Version of this Bill:
A10775
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L

S8670 (ACTIVE) - Summary

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

S8670 (ACTIVE) - Sponsor Memo

S8670 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8670

                            I N  S E N A T E

                              July 2, 2020
                               ___________

Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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
ninety-five and  before  two  thousand,  (iv)  twenty-two  and  one-half
percent  for  taxable  years  beginning in two thousand, (v) twenty-five

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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