assembly Bill A2533

2021-2022 Legislative Session

Provides for the advance payment of the earned income tax credit

download bill text pdf

Sponsored By

Current 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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Jan 19, 2021 referred to ways and means

Co-Sponsors

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A2533 (ACTIVE) - Details

See Senate Version of this Bill:
S537
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A10775, S8670

A2533 (ACTIVE) - Summary

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

A2533 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2533
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced by M. of A. FAHY, HEVESI, BARRON, ENGLEBRIGHT, THIELE, STERN,
   SIMON -- 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-ONE 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-ONE
 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-ONE 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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.