Bill Text: NY A04177 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to calculation of the earned income credit.

Spectrum: Partisan Bill (Republican 18-0)

Status: (Introduced - Dead) 2020-07-17 - held for consideration in ways and means [A04177 Detail]

Download: New_York-2019-A04177-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4177
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 1, 2019
                                       ___________
        Introduced  by  M.  of  A. KOLB, HAWLEY, PALMESANO, RA, RAIA, MONTESANO,
          BLANKENBUSH, GIGLIO, DiPIETRO, STEC, BRABENEC,  SMITH  --  Multi-Spon-
          sored by -- M. of A. CROUCH -- 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:
     1    Section  1.  Paragraph  1  of subsection (d) of section 606 of the tax
     2  law, as amended by section 1 of part Q of chapter  63  of  the  laws  of
     3  2000, is amended to read as follows:
     4    (1)  General.  A taxpayer shall be allowed a credit as provided herein
     5  equal to (i) the applicable  percentage  of  the  earned  income  credit
     6  allowed  under  section  thirty-two of the internal revenue code for the
     7  same taxable year, (ii) reduced by the credit permitted under subsection
     8  (b) of this section.
     9    The applicable percentage shall be (i) seven and one-half percent  for
    10  taxable  years  beginning  in  nineteen  hundred  ninety-four,  (ii) ten
    11  percent for taxable years beginning  in  nineteen  hundred  ninety-five,
    12  (iii)  twenty percent for taxable years beginning after nineteen hundred
    13  ninety-five and  before  two  thousand,  (iv)  twenty-two  and  one-half
    14  percent  for  taxable  years  beginning in two thousand, (v) twenty-five
    15  percent for taxable years beginning in two thousand  one,  (vi)  twenty-
    16  seven  and  one-half percent for taxable years beginning in two thousand
    17  two, [and] (vii) thirty percent for taxable years beginning in two thou-
    18  sand three, and (viii) forty-five percent for taxable years beginning in
    19  two thousand twenty and thereafter.   Provided,  however,  that  if  the
    20  reversion  event,  as  defined in this paragraph, occurs, the applicable
    21  percentage shall be twenty percent for taxable years ending on or  after
    22  the  date  on  which  the  reversion event occurred. The reversion event
    23  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.
                                                                   LBD04304-01-9
        A. 4177                             2
     1  including  but  not  limited to, administrative, statutory or regulatory
     2  changes, materially reduces or eliminates New York state's allocation of
     3  the federal temporary assistance for  needy  families  block  grant,  or
     4  materially  reduces  the ability of the state to spend federal temporary
     5  assistance for needy families block grant funds for  the  earned  income
     6  credit  or  to  apply  state  general fund spending on the earned income
     7  credit toward the temporary assistance for needy  families  block  grant
     8  maintenance of effort requirement, and the commissioner of the office of
     9  temporary and disability assistance shall certify the date of such event
    10  to  the  commissioner of taxation and finance, the director of the divi-
    11  sion of the budget, the speaker of the assembly and the temporary presi-
    12  dent of the senate.
    13    § 2. This act shall take effect immediately and shall apply to taxable
    14  years beginning on and after January 1, 2020.