Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to ways and means |
Mar 10, 2023 |
referred to ways and means |
Assembly Bill A5442
2023-2024 Legislative Session
Sponsored By
BARCLAY
Current Bill Status - In Assembly 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
Actions
co-Sponsors
Stephen Hawley
Philip Palmesano
Edward Ra
Kenneth Blankenbush
multi-Sponsors
Keith Brown
2023-A5442 (ACTIVE) - Details
2023-A5442 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5442 2023-2024 Regular Sessions I N A S S E M B L Y March 10, 2023 ___________ Introduced by M. of A. BARCLAY, HAWLEY, PALMESANO, RA, BLANKENBUSH, NORRIS, SMITH, WALSH, MILLER, MANKTELOW, JENSEN, GALLAHAN, DeSTEFANO, SIMPSON, BRABENEC -- Multi-Sponsored by -- M. of A. K. BROWN -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to calculation of the earned income 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. The applicable percentage shall be (i) seven and one-half percent for taxable years beginning in nineteen hundred ninety-four, (ii) ten percent for taxable years beginning in nineteen hundred ninety-five, (iii) twenty percent for taxable years beginning after nineteen hundred ninety-five and before two thousand, (iv) twenty-two and one-half percent for taxable years beginning in two thousand, (v) twenty-five percent for taxable years beginning in two thousand one, (vi) twenty- seven and one-half percent for taxable years beginning in two thousand two, [and] (vii) thirty percent for taxable years beginning in two thou- sand three, AND (VIII) FORTY-FIVE PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWENTY-FOUR and thereafter. Provided, however, that if the reversion event, as defined in this paragraph, occurs, the applicable percentage shall be twenty percent for taxable years ending on or after the date on which the reversion event occurred. The reversion event shall be deemed to have occurred on the date on which federal action, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02617-01-3
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