Bill Text: NY A05158 | 2017-2018 | General Assembly | Amended


Bill Title: Authorizes and directs the commissioner of taxation and finance to conduct a feasibility and impact study on monthly payments of the earned income tax credit; provides for the installment payment for the earned income credit.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2018-02-13 - print number 5158a [A05158 Detail]

Download: New_York-2017-A05158-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                         5158--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
                                       ___________
        Introduced  by  M. of A. CRESPO, SEPULVEDA, RIVERA, PICHARDO, RODRIGUEZ,
          RAMOS, ARROYO, DAVILA, GOODELL  --  read  once  and  referred  to  the
          Committee  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 installment payments for the
          earned  income credit; and to authorize and direct the commissioner of
          taxation and finance to conduct a  feasibility  and  impact  study  on
          monthly payments of 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. The commissioner of taxation and finance is hereby  author-
     2  ized  and  directed to study and report on the feasibility and impact of
     3  using an installment  payment  plan  for  earned  income  credits.  Such
     4  commissioner shall include in the study and subsequent report a detailed
     5  analysis  of  a  plan  where  an  earned  income  tax credit pursuant to
     6  subsection (d) of section 606 of the  tax  law  or  an  enhanced  earned
     7  income tax credit pursuant to subsection (d-1) of section 606 of the tax
     8  law  is distributed to the taxpayer as follows: (i) for amounts equal to
     9  or less than two hundred dollars, the payment or refund shall be made in
    10  a lump sum, (ii) for amounts in excess of two hundred dollars  and  less
    11  than  two  thousand four hundred dollars, the payment or refund shall be
    12  two hundred dollars a month for the number of months equal to the  total
    13  amount  thereof  divided  by two hundred and rounded down to the nearest
    14  whole number, and the remaining balance of such payment or refund  shall
    15  be made in the first month thereafter, and (iii) for amounts equal to or
    16  greater  than  two  thousand four hundred dollars, the payment or refund
    17  shall be paid in equal monthly payments equal to the total amount there-
    18  of divided by twelve. The commissioner of  taxation  and  finance  shall
    19  prepare a report on his or her findings to be submitted to the temporary
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08176-02-8

        A. 5158--A                          2
     1  president  of  the senate, the speaker of the assembly and the chairs of
     2  the assembly ways and means committee and the senate  finance  committee
     3  within 180 days after the effective date of this act.
     4    §  2. Section 686 of the tax law is amended by adding a new subsection
     5  (j) to read as follows:
     6    (j) Earned income tax credit.-- An earned income tax  credit  pursuant
     7  to  subsection  (d)  of  section  six  hundred six of this article or an
     8  enhanced earned income  tax  credit  pursuant  to  subsection  (d-1)  of
     9  section six hundred six of this article shall be paid to the taxpayer as
    10  follows:  (i) for amounts equal to or less than two hundred dollars, the
    11  payment  or  refund  shall  be  made  in a lump sum, (ii) for amounts in
    12  excess of two hundred dollars and less than two  thousand  four  hundred
    13  dollars,  the payment or refund shall be two hundred dollars a month for
    14  the number of months equal to the total amount thereof  divided  by  two
    15  hundred  and rounded down to the nearest whole number, and the remaining
    16  balance of such payment or refund shall be made in the first month ther-
    17  eafter, and (iii) for amounts equal to or greater than two thousand four
    18  hundred dollars, the payment or refund shall be paid  in  equal  monthly
    19  payments equal to the total amount thereof divided by twelve.
    20    §  3.  This act shall take effect immediately; provided, however, that
    21  section two of this act shall take effect one year after it  shall  have
    22  become  a  law.  Effective immediately, the commissioner of taxation and
    23  finance is authorized to make any addition, amendment and/or  repeal  of
    24  any  rule  or regulation necessary for the implementation of this act on
    25  its effective date on or before such date.
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