Assembly Bill A5577A

2023-2024 Legislative Session

Provides for the advance payment of the earned income tax credit

download bill text pdf

Sponsored By

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

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Bill Amendments

co-Sponsors

multi-Sponsors

2023-A5577 - Details

See Senate Version of this Bill:
S5573
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10775, S8670
2021-2022: A2533, S537

2023-A5577 - Summary

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

2023-A5577 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5577
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 16, 2023
                                ___________
 
 Introduced  by  M.  of  A.  FAHY, HEVESI, THIELE, STERN, SIMON, DICKENS,
   JACKSON, BURDICK, LUNSFORD,  DINOWITZ,  LUPARDO,  BRONSON,  GALLAGHER,
   GONZALEZ-ROJAS, FORREST, CRUZ, WALLACE, CLARK, SILLITTI, MEEKS, GLICK,
   RAMOS, DARLING, MITAYNES, JEAN-PIERRE, KELLES, RIVERA -- read once and
   referred to the Committee on Ways and Means

 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 and a new paragraph 9 is added 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-FOUR 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-FOUR
 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-FOUR AND THEREAFTER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09953-03-3
              

co-Sponsors

2023-A5577A (ACTIVE) - Details

See Senate Version of this Bill:
S5573
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, add §679, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10775, S8670
2021-2022: A2533, S537

2023-A5577A (ACTIVE) - Summary

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

2023-A5577A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5577--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 16, 2023
                                ___________
 
 Introduced  by  M.  of  A.  FAHY, HEVESI, THIELE, STERN, SIMON, DICKENS,
   JACKSON, BURDICK, LUNSFORD,  DINOWITZ,  LUPARDO,  BRONSON,  GALLAGHER,
   GONZALEZ-ROJAS, FORREST, CRUZ, WALLACE, CLARK, SILLITTI, MEEKS, GLICK,
   RAMOS,  DARLING,  MITAYNES,  JEAN-PIERRE,  KELLES,  RIVERA,  McDONALD,
   SEAWRIGHT, STIRPE, LEVENBERG -- Multi-Sponsored by -- M. of A.  ARDILA
   --  read  once  and  referred  to  the  Committee on Ways and Means --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 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 and a new paragraph 9 is added 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-FIVE 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-FIVE
 WITH  RESPECT TO THE PHASEOUT AMOUNTS), INCLUDING AN ADDITIONAL PHASEOUT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09953-05-3
              

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