Bill Text: NY S01661 | 2015-2016 | General Assembly | Amended
Bill Title: Increases the personal income tax credit for certain household and dependent care services necessary for gainful employment during tax years commencing on or after 2016.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2016-01-14 - PRINT NUMBER 1661A [S01661 Detail]
Download: New_York-2015-S01661-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1661--A 2015-2016 Regular Sessions IN SENATE January 13, 2015 ___________ Introduced by Sens. CARLUCCI, KLEIN, AVELLA, SAVINO, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to the personal income tax credit for certain household and dependent care services necessary for gainful employment 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 (c) of section 606 of the tax 2 law, as amended by section 1 of part M of chapter 63 of the laws of 3 2000, is amended to read as follows: 4 (1) A taxpayer shall be allowed a credit as provided herein equal to 5 the applicable percentage of the credit allowable under section twenty- 6 one of the internal revenue code for the same taxable year (without 7 regard to whether the taxpayer in fact claimed the credit under such 8 section twenty-one for such taxable year). The applicable percentage 9 shall be the sum of (i) twenty percent and (ii) a multiplier multiplied 10 by a fraction. For taxable years beginning in nineteen hundred ninety- 11 six and nineteen hundred ninety-seven, the numerator of such fraction 12 shall be the lesser of (i) four thousand dollars or (ii) fourteen thou- 13 sand dollars less the New York adjusted gross income for the taxable 14 year, provided, however, the numerator shall not be less than zero. For 15 the taxable year beginning in nineteen hundred ninety-eight, the numera- 16 tor of such fraction shall be the lesser of (i) thirteen thousand 17 dollars or (ii) thirty thousand dollars less the New York adjusted gross 18 income for the taxable year, provided, however, the numerator shall not 19 be less than zero. For taxable years beginning in nineteen hundred nine- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02046-02-6
