Assembly Bill A5024

2021-2022 Legislative Session

Provides for the installment payment for the earned income credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A5024 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §686, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7486
2017-2018: A4300
2019-2020: A5574
2023-2024: A1737, A6013

2021-A5024 (ACTIVE) - Summary

Provides for the installment payment for the earned income credit.

2021-A5024 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5024
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2021
                                ___________
 
 Introduced  by  M.  of  A.  GOODELL, BARCLAY, DiPIETRO, ASHBY, BRABENEC,
   FRIEND, RA, SMITH -- Multi-Sponsored by  --  M.  of  A.  J. M. GIGLIO,
   MORINELLO -- read once and referred to the Committee on Ways and Means
 
 AN  ACT to amend the tax law, in relation to installment payment for the
   earned income credit

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  686  of  the  tax law is amended by adding a new
 subsection (j) to read as follows:
   (J) EARNED INCOME TAX CREDIT.  AN EARNED INCOME TAX CREDIT PURSUANT TO
 SUBSECTION (D) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE OR AN ENHANCED
 EARNED INCOME TAX CREDIT PURSUANT TO SUBSECTION  (D-1)  OF  SECTION  SIX
 HUNDRED  SIX  OF  THIS ARTICLE SHALL BE PAID TO THE TAXPAYER AS FOLLOWS:
 (I) FOR AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS,  THE  PAYMENT
 OR REFUND SHALL BE MADE IN A LUMP SUM, (II) FOR AMOUNTS IN EXCESS OF TWO
 HUNDRED  DOLLARS  AND  LESS  THAN TWO THOUSAND FOUR HUNDRED DOLLARS, THE
 PAYMENT OR REFUND SHALL BE TWO HUNDRED DOLLARS A MONTH FOR THE NUMBER OF
 MONTHS EQUAL TO THE TOTAL AMOUNT THEREOF  DIVIDED  BY  TWO  HUNDRED  AND
 ROUNDED  DOWN  TO THE NEAREST WHOLE NUMBER, AND THE REMAINING BALANCE OF
 SUCH PAYMENT OR REFUND SHALL BE MADE IN THE FIRST MONTH THEREAFTER,  AND
 (III)  FOR  AMOUNTS  EQUAL  TO OR GREATER THAN TWO THOUSAND FOUR HUNDRED
 DOLLARS, THE PAYMENT OR REFUND SHALL BE PAID IN EQUAL  MONTHLY  PAYMENTS
 EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it  shall  have become a law. Effective immediately, the commissioner of
 taxation and finance is  authorized  to  make  any  addition,  amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of this act on its effective date on or before such date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08966-01-1

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