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

New York Assembly Bill 5158 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          5158
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
                                       ___________
        Introduced  by  M. of A. CRESPO, SEPULVEDA, RIVERA, PICHARDO, RODRIGUEZ,
          RAMOS, ARROYO, DAVILA, MOYA, GOODELL -- read once and referred to  the
          Committee on Ways and Means
        AN  ACT to amend the tax law, in relation to installment payment for 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.  Section  686  of  the  tax law is amended by adding a new
     2  subsection (j) to read as follows:
     3    (j) Earned income tax credit.-- An earned income tax  credit  pursuant
     4  to  subsection  (d)  of  section  six  hundred six of this article or an
     5  enhanced earned income  tax  credit  pursuant  to  subsection  (d-1)  of
     6  section six hundred six of this article shall be paid to the taxpayer as
     7  follows:  (i) for amounts equal to or less than two hundred dollars, the
     8  payment  or  refund  shall  be  made  in a lump sum, (ii) for amounts in
     9  excess of two hundred dollars and less than two  thousand  four  hundred
    10  dollars,  the payment or refund shall be two hundred dollars a month for
    11  the number of months equal to the total amount thereof  divided  by  two
    12  hundred  and rounded down to the nearest whole number, and the remaining
    13  balance of such payment or refund shall be made in the first month ther-
    14  eafter, and (iii) for amounts equal to or greater than two thousand four
    15  hundred dollars, the payment or refund shall be paid  in  equal  monthly
    16  payments equal to the total amount thereof divided by twelve.
    17    § 2. This act shall take effect on the one hundred eightieth day after
    18  it  shall  have become a law. Effective immediately, the commissioner of
    19  taxation and finance is  authorized  to  make  any  addition,  amendment
    20  and/or repeal of any rule or regulation necessary for the implementation
    21  of this act on its effective date on or before such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08176-01-7