Senate Bill S1432

2021-2022 Legislative Session

Relates to increasing the earned income tax credit in the city of New York from five to fifteen percent

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities 1 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-S1432 (ACTIVE) - Details

Current Committee:
Senate Cities 1
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-1706, NYC Ad Cd; amd §1310, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S8207
2017-2018: S3508
2019-2020: S2431

2021-S1432 (ACTIVE) - Summary

Increases the earned income tax credit in the city of New York from five to fifteen percent.

2021-S1432 (ACTIVE) - Sponsor Memo

2021-S1432 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1432
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 AN ACT to amend the administrative code of the city of New York and  the
   tax law, in relation to 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 subdivision (d) of section  11-1706  of  the
 administrative  code  of  the  city  of  New York, as added by local law
 number 39 of the city of New York for the year 2004, is amended to  read
 as follows:
   (1)  For  taxable  years  beginning after two thousand three, a credit
 against the city personal income tax shall be  allowed,  equal  to  five
 percent  of the earned income credit allowed under section thirty-two of
 the internal revenue code for the same taxable  year;  AND  FOR  TAXABLE
 YEARS BEGINNING AFTER TWO THOUSAND TWENTY-TWO, A CREDIT AGAINST THE CITY
 PERSONAL  INCOME  TAX  SHALL BE ALLOWED, EQUAL TO FIFTEEN PERCENT OF THE
 EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO  OF  THE  INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR.
   §  2. Paragraph 1 of subsection (f) of section 1310 of the tax law, as
 added by section 2 of part V of chapter 60  of  the  laws  of  2004,  is
 amended to read as follows:
   (1)  Notwithstanding  any  other provision of law to the contrary, any
 city having a population of one million  or  more,  acting  through  its
 local  legislative body, is hereby authorized and empowered to adopt and
 amend local laws granting in any such city, for taxable years  beginning
 after  two thousand three, a credit against the city personal income tax
 equal to five percent of the earned income credit allowed under  section
 thirty-two  of  the internal revenue code for the same taxable year; AND
 FOR TAXABLE YEARS BEGINNING AFTER  TWO  THOUSAND  TWENTY-TWO,  A  CREDIT
 AGAINST  THE CITY PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO FIFTEEN

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03228-01-1
              

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