|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Dec 07, 2022||referred to rules|
senate Bill S9610
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S9610 (ACTIVE) - Details
S9610 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9610 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the tax law, in relation to a New York state working families tax credit PURPOSE OR GENERAL IDEA OF BILL: To create the New York State Working Families Tax Credit SUMMARY OF PROVISIONS: Section 1 redefines the State Earned Income Tax Credit to be for those without qualifying children. Section 2 clarifies that the current Empire State Child Tax Credit is valid for years prior to January 1, 2023. Section 3 creates the New York State Working Families Tax Credit.
S9610 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9610 I N S E N A T E December 7, 2022 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to a New York state working families 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 WITH NO QUALIFYING CHILD AS DEFINED IN 26 U.S.C. § 152(C) 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. § 2. Paragraph 1 of subsection (c-1) of section 606 of the tax law, as amended by section 1 of part P of chapter 59 of the laws of 2018, is amended to read as follows: (1) [A] FOR TAXABLE YEARS BEGINNING PRIOR TO JANUARY FIRST, TWO THOU- SAND TWENTY-THREE, A resident taxpayer shall be allowed a credit as provided herein equal to the greater of one hundred dollars times the number of qualifying children of the taxpayer or the applicable percent- age of the child tax credit allowed the taxpayer under section twenty- four of the internal revenue code for the same taxable year for each qualifying child. Provided, however, in the case of a taxpayer whose federal adjusted gross income exceeds the applicable threshold amount set forth by section 24(b)(2) of the Internal Revenue Code, the credit shall only be equal to the applicable percentage of the child tax credit allowed the taxpayer under section 24 of the Internal Revenue Code for each qualifying child. For the purposes of this subsection, a qualifying child shall be a child who meets the definition of qualified child under section 24(c) of the internal revenue code and is at least four years of age. The applicable percentage shall be thirty-three percent. For purposes of this subsection, any reference to section 24 of the Internal EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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