senate Bill S537

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 Senate Committee Budget And Revenue 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2021 referred to budget and revenue

Co-Sponsors

S537 (ACTIVE) - Details

See Assembly Version of this Bill:
A2533
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S8670, A10775

S537 (ACTIVE) - Summary

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

S537 (ACTIVE) - Sponsor Memo

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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