Bill Text: NY A04340 | 2015-2016 | General Assembly | Amended
Bill Title: Increases the amount of the earned income tax credit.
Spectrum: Partisan Bill (Democrat 17-0)
Status: (Introduced - Dead) 2016-02-01 - print number 4340a [A04340 Detail]
Download: New_York-2015-A04340-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4340--A 2015-2016 Regular Sessions IN ASSEMBLY January 30, 2015 ___________ Introduced by M. of A. SCHIMMINGER, BENEDETTO, CRESPO, GANTT, LAVINE, CAHILL, WEPRIN, AUBRY, WRIGHT -- Multi-Sponsored by -- M. of A. BRAUN- STEIN, BRENNAN, COLTON, GLICK, GOTTFRIED, HIKIND, PERRY, THIELE -- read once and referred to the Committee on Ways and Means -- recommit- ted 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 increasing the earned income tax 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 before two thousand sixteen, (viii) thirty-two and one- 19 half percent for taxable years beginning in two thousand sixteen, and 20 (ix) thirty-five percent for taxable years beginning in two thousand EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08097-03-6
