Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Jan 06, 2021||
referred to budget and revenue
Senate Bill S537
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S537 (ACTIVE) - Details
2021-S537 (ACTIVE) - Sponsor Memo
BILL NUMBER: S537 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to providing for the advance payment of the earned income tax credit SUMMARY OF PROVISIONS: Section 1 amends subsection (d) of section 606 of the tax law. The law is amended to expand the income eligibility for the New York Earned Income Tax Credit. Section 2 adds new section 679 to the tax law. This section provides for the advance payment of the earned income credit. Section 3 sets the effective date. JUSTIFICATION:
2021-S537 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 537 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. KAPLAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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