S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5274
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2021
                                ___________
 
 Introduced by M. of A. REILLY -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to establishing a tax credit
   for taxpayers who received unemployment insurance benefits during  the
   COVID-19 pandemic
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (kkk) to read as follows:
   (KKK) COVID-19 UNEMPLOYMENT BENEFITS CREDIT. (1) GENERAL. A QUALIFYING
 INDIVIDUAL  TAXPAYER  SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWENTY  AGAINST  THE  TAX
 IMPOSED BY THIS ARTICLE TO OFFSET TAXES PAID ON THE RECEIPT OF UNEMPLOY-
 MENT  INSURANCE BENEFITS DURING THE COVID-19 COVERED PERIOD.  THE AMOUNT
 OF SUCH CREDIT SHALL BE FIVE HUNDRED DOLLARS.
   (2) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION:
   (A) THE TERM "QUALIFYING INDIVIDUAL TAXPAYER" SHALL MEAN AN INDIVIDUAL
 TAXPAYER WHO RECEIVED UNEMPLOYMENT INSURANCE BENEFITS PURSUANT TO  ARTI-
 CLE EIGHTEEN OF THE LABOR LAW DURING THE COVID-19 COVERED PERIOD.
   (B) THE TERM "COVID-19 COVERED PERIOD" SHALL MEAN MARCH TWENTIETH, TWO
 THOUSAND  TWENTY  UNTIL  THE  DATE  ON WHICH NONE OF THE PROVISIONS THAT
 CLOSED OR OTHERWISE RESTRICTED PUBLIC OR PRIVATE BUSINESSES OR PLACES OF
 PUBLIC ACCOMMODATION, OR REQUIRED POSTPONEMENT OR  CANCELLATION  OF  ALL
 NON-ESSENTIAL  GATHERINGS  OF  INDIVIDUALS OF ANY SIZE FOR ANY REASON IN
 EXECUTIVE ORDER  202.3,  202.4,  202.5,  202.6,  202.7,  202.8,  202.10,
 202.11,  202.13  OR  202.14,  AS EXTENDED BY EXECUTIVE ORDERS 202.28 AND
 202.31 AND AS FURTHER EXTENDED BY ANY FUTURE EXECUTIVE ORDER, ISSUED  IN
 RESPONSE TO THE COVID-19 PANDEMIC CONTINUE TO APPLY.
   (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD08911-01-1

 A. 5274                             2
 
 OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX  HUNDRED
 EIGHTY-SIX  OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST WILL BE
 PAID THEREON.
   § 2. This act shall take effect immediately.