Bill Text: NY A02617 | 2013-2014 | General Assembly | Amended
Bill Title: Provides an earned income tax credit to youth workers, increases the standard deduction for individuals eighteen to twenty-four years of age, and provides for the deduction of student loan interest, and provides for the expiration of such provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-03-14 - print number 2617a [A02617 Detail]
Download: New_York-2013-A02617-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2617--A
2013-2014 Regular Sessions
I N A S S E M B L Y
January 17, 2013
___________
Introduced by M. of A. BRONSON -- read once and referred to the Commit-
tee on Ways and Means -- recommitted to the Committee on Ways and
Means in accordance with Assembly Rule 3, sec. 2 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to providing an earned income
tax credit to youth workers, increasing the standard deduction and
providing for the deduction of student loan interest; and providing
for the repeal of such provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (d-2) to read as follows:
3 (D-2) EARNED INCOME TAX CREDIT FOR YOUTH WORKERS. (1) A TAXPAYER
4 DESCRIBED IN PARAGRAPH TWO OF THIS SUBSECTION SHALL BE ALLOWED A CREDIT
5 EQUAL TO THE PRODUCT OF ONE AND THREE-TENTHS AND THE AMOUNT OF THE
6 EARNED INCOME TAX CREDIT THAT WOULD HAVE BEEN ALLOWED TO THE TAXPAYER
7 UNDER SECTION 32 OF THE INTERNAL REVENUE CODE, IF THE TAXPAYER HAD
8 ATTAINED THE MINIMUM AGE OF ELIGIBILITY FOR SUCH EARNED INCOME TAX CRED-
9 IT SET FORTH IN SECTION 32(C)(1)(A)(II)(II) OF THE INTERNAL REVENUE
10 CODE.
11 (2) TO BE ALLOWED A CREDIT UNDER THIS SUBSECTION, A TAXPAYER MUST
12 SATISFY ALL OF THE FOLLOWING QUALIFICATIONS:
13 (A) THE TAXPAYER MUST BE A RESIDENT TAXPAYER WHO IS NOT CLAIMED AS A
14 DEPENDENT OF ANOTHER TAXPAYER.
15 (B) THE TAXPAYER MUST HAVE ATTAINED THE AGE OF SEVENTEEN AND MUST NOT
16 HAVE ATTAINED THE MINIMUM AGE AT WHICH A TAXPAYER IS QUALIFIED FOR THE
17 EARNED INCOME TAX CREDIT AS SUCH AGE IS SET FORTH IN SECTION
18 32(C)(1)(A)(II)(II) OF THE INTERNAL REVENUE CODE.
19 (C) THE TAXPAYER MUST NOT BE THE CUSTODIAL OR NON-CUSTODIAL PARENT OF
20 A MINOR CHILD OR CHILDREN.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05477-03-4
A. 2617--A 2
1 (3) NOTHING IN THIS SECTION SHALL BE DEEMED TO PROHIBIT THE QUALIFICA-
2 TIONS OF A TAXPAYER WHO IS OTHERWISE ELIGIBLE FOR THE EARNED INCOME TAX
3 CREDIT AND WHO IS ENROLLED IN A FULL-TIME OR PART-TIME ACADEMIC PROGRAM
4 LEADING TO COMPLETION OF A HIGH SCHOOL DIPLOMA, GENERAL EQUIVALENCY
5 DIPLOMA, POST-SECONDARY CERTIFICATE OR WORK READINESS CREDENTIAL, ASSO-
6 CIATE DEGREE OR BACCALAUREATE DEGREE.
7 (4) REPORTS. THE COMMISSIONER SHALL PREPARE A PRELIMINARY WRITTEN
8 REPORT AFTER JULY THIRTY-FIRST AND A FINAL WRITTEN REPORT AFTER DECEMBER
9 THIRTY-FIRST OF EACH CALENDAR YEAR, WHICH SHALL CONTAIN STATISTICAL
10 INFORMATION REGARDING THE CREDITS GRANTED ON OR BEFORE SUCH DATES UNDER
11 THIS SUBSECTION DURING SUCH CALENDAR YEAR. COPIES OF THESE REPORTS SHALL
12 BE SUBMITTED BY SUCH COMMISSIONER TO THE GOVERNOR, THE TEMPORARY PRESI-
13 DENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE CHAIRMAN OF THE
14 SENATE FINANCE COMMITTEE AND THE CHAIRMAN OF THE ASSEMBLY WAYS AND MEANS
15 COMMITTEE WITHIN SIXTY DAYS OF JULY THIRTY-FIRST WITH RESPECT TO THE
16 PRELIMINARY REPORT, AND WITHIN FORTY-FIVE DAYS OF DECEMBER THIRTY-FIRST
17 WITH RESPECT TO THE FINAL REPORT. SUCH REPORTS SHALL CONTAIN, BUT NEED
18 NOT BE LIMITED TO, THE NUMBER OF CREDITS AND THE AVERAGE AMOUNT OF SUCH
19 CREDITS ALLOWED. SUCH INFORMATION SHALL INCLUDE THE NUMBER OF CREDITS
20 AND THE AVERAGE AMOUNT OF SUCH CREDITS ALLOWED; AND OF THOSE, THE NUMBER
21 OF CREDITS AND THE AVERAGE AMOUNTS OF SUCH CREDITS ALLOWED TO TAXPAYERS
22 IN EACH COUNTY.
23 S 2. Subsection (a) of section 614 of the tax law, as amended by chap-
24 ter 170 of the laws of 1994, is amended to read as follows:
25 (a) Unmarried individual. For taxable years beginning after nineteen
26 hundred ninety-six, the New York standard deduction of a resident indi-
27 vidual who is not married nor the head of a household nor a surviving
28 spouse nor an individual whose federal exemption amount is zero shall be
29 seven thousand five hundred dollars; for taxable years beginning in
30 nineteen hundred ninety-six, such standard deduction shall be seven
31 thousand four hundred dollars; for taxable years beginning in nineteen
32 hundred ninety-five, such standard deduction shall be six thousand six
33 hundred dollars; and for taxable years beginning after nineteen hundred
34 eighty-nine and before nineteen hundred ninety-five, such standard
35 deduction shall be six thousand dollars. FOR TAXABLE YEARS BEGINNING
36 AFTER TWO THOUSAND FOURTEEN, THE NEW YORK STANDARD DEDUCTION OF A RESI-
37 DENT INDIVIDUAL WHO IS BETWEEN THE AGES OF EIGHTEEN AND TWENTY-FOUR AND
38 WHO IS NOT MARRIED NOR THE HEAD OF A HOUSEHOLD NOR A SURVIVING SPOUSE
39 NOR AN INDIVIDUAL WHOSE FEDERAL EXEMPTION AMOUNT IS ZERO SHALL BE TEN
40 THOUSAND DOLLARS.
41 S 3. Section 615 of the tax law is amended by adding a new subsection
42 (h) to read as follows:
43 (H) FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOU-
44 SAND FIFTEEN, IN THE CASE OF A RESIDENT INDIVIDUAL, THERE SHALL BE
45 ALLOWED AS A DEDUCTION FOR THE TAXABLE YEAR AN AMOUNT EQUAL TO THE
46 INTEREST PAID BY THE TAXPAYER DURING THE TAXABLE YEAR ON ANY QUALIFIED
47 EDUCATION LOAN TO THE EXTENT AND AS PROVIDED IN SECTION 221 OF THE
48 INTERNAL REVENUE CODE.
49 S 4. This act shall take effect immediately and shall apply to taxable
50 years beginning on or after January 1, 2017 and shall expire and be
51 deemed repealed December 31, 2022.
