Bill Text: NY S01432 | 2021-2022 | General Assembly | Introduced

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Bill Title: Increases the earned income tax credit in the city of New York from five to fifteen percent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO CITIES 1 [S01432 Detail]

Download: New_York-2021-S01432-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1432

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 12, 2021
                                       ___________

        Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Cities 1

        AN ACT to amend the administrative code of the city of New York and  the
          tax law, in relation to 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 subdivision (d) of section  11-1706  of  the
     2  administrative  code  of  the  city  of  New York, as added by local law
     3  number 39 of the city of New York for the year 2004, is amended to  read
     4  as follows:
     5    (1)  For  taxable  years  beginning after two thousand three, a credit
     6  against the city personal income tax shall be  allowed,  equal  to  five
     7  percent  of the earned income credit allowed under section thirty-two of
     8  the internal revenue code for the same taxable  year;  and  for  taxable
     9  years beginning after two thousand twenty-two, a credit against the city
    10  personal  income  tax  shall be allowed, equal to fifteen percent of the
    11  earned income credit allowed under section thirty-two  of  the  internal
    12  revenue code for the same taxable year.
    13    §  2. Paragraph 1 of subsection (f) of section 1310 of the tax law, as
    14  added by section 2 of part V of chapter 60  of  the  laws  of  2004,  is
    15  amended to read as follows:
    16    (1)  Notwithstanding  any  other provision of law to the contrary, any
    17  city having a population of one million  or  more,  acting  through  its
    18  local  legislative body, is hereby authorized and empowered to adopt and
    19  amend local laws granting in any such city, for taxable years  beginning
    20  after  two thousand three, a credit against the city personal income tax
    21  equal to five percent of the earned income credit allowed under  section
    22  thirty-two  of  the internal revenue code for the same taxable year; and
    23  for taxable years beginning after  two  thousand  twenty-two,  a  credit
    24  against  the city personal income tax shall be allowed, equal to fifteen

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03228-01-1
        S. 1432                             2

     1  percent of the earned income credit allowed under section thirty-two  of
     2  the internal revenue code for the same taxable year.
     3    §  3. This act shall take effect immediately, and shall apply to taxa-
     4  ble years beginning on or after January 1, 2022.