Bill Text: NY A01573 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to the election to have federal and/or state income tax deducted and withheld from an individual's unemployment insurance benefits.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to labor [A01573 Detail]

Download: New_York-2023-A01573-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1573

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on Labor

        AN ACT to amend the labor law, in  relation  to  the  election  to  have
          federal and/or state income tax deducted and withheld from an individ-
          ual's unemployment insurance benefits

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (a) of subdivision 6 of section 596 of the  labor
     2  law,  as  amended by chapter 369 of the laws of 2008, is amended to read
     3  as follows:
     4    (a)(1) Unemployment benefits are subject to federal, state  and  local
     5  income tax;
     6    (2) Requirements exist pertaining to estimated tax payments;
     7    (3)  The  individual may elect to have federal and/or state income tax
     8  deducted and withheld from  the  individual's  payment  of  unemployment
     9  benefits at the amount specified under the federal internal revenue code
    10  (26 U.S.C.A. 3402(p)(2)) and/or [the] an amount equal to four percent of
    11  such  payment  for  the purpose of the state income tax withholding [tax
    12  schedules as specified under the  tax  law  and  relevant  regulations];
    13  [and]
    14    (4)  The  individual shall be permitted to change a previously elected
    15  withholding status[.]; and
    16    (5) Even if the individual elects to have federal and/or state  income
    17  tax  deducted and withheld from the individual's payment of unemployment
    18  benefits, additional tax may still be due as  prescribed  for  such  tax
    19  payment under the tax law.
    20    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01290-01-3