Bill Text: NY S03596 | 2017-2018 | General Assembly | Introduced
Bill Title: Provides an earned income tax credit to youth workers, increases the standard deduction for individuals eighteen to twenty-four years of age, provides for the deduction of student loan interest and provides for the expiration of such provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03596 Detail]
Download: New_York-2017-S03596-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3596 2017-2018 Regular Sessions IN SENATE January 25, 2017 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing an earned income tax credit to youth workers, increasing the standard deduction and providing for the deduction of student loan interest; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (d-2) to read as follows: 3 (d-2) Earned income tax credit for youth workers. (1) A taxpayer 4 described in paragraph two of this subsection shall be allowed a credit 5 equal to the product of one and three-tenths and the amount of the 6 earned income tax credit that would have been allowed to the taxpayer 7 under section 32 of the internal revenue code, if the taxpayer had 8 attained the minimum age of eligibility for such earned income tax cred- 9 it set forth in section 32(c)(1)(A)(ii)(II) of the internal revenue 10 code. 11 (2) To be allowed a credit under this subsection, a taxpayer must 12 satisfy all of the following qualifications: 13 (A) The taxpayer must be a resident taxpayer who is not claimed as a 14 dependent of another taxpayer. 15 (B) The taxpayer must have attained the age of seventeen and must not 16 have attained the minimum age at which a taxpayer is qualified for the 17 earned income tax credit as such age is set forth in section 18 32(c)(1)(A)(ii)(II) of the internal revenue code. 19 (C) The taxpayer must not be the custodial or non-custodial parent of 20 a minor child or children. 21 (3) Nothing in this section shall be deemed to prohibit the qualifica- 22 tions of a taxpayer who is otherwise eligible for the earned income tax EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07413-01-7S. 3596 2 1 credit and who is enrolled in a full-time or part-time academic program 2 leading to completion of a high school diploma, general equivalency 3 diploma, post-secondary certificate or work readiness credential, asso- 4 ciate degree or baccalaureate degree. 5 (4) Reports. The commissioner shall prepare a preliminary written 6 report after July thirty-first and a final written report after December 7 thirty-first of each calendar year, which shall contain statistical 8 information regarding the credits granted on or before such dates under 9 this subsection during such calendar year. Copies of these reports shall 10 be submitted by such commissioner to the governor, the temporary presi- 11 dent of the senate, the speaker of the assembly, the chairman of the 12 senate finance committee and the chairman of the assembly ways and means 13 committee within sixty days of July thirty-first with respect to the 14 preliminary report, and within forty-five days of December thirty-first 15 with respect to the final report. Such reports shall contain, but need 16 not be limited to, the number of credits and the average amount of such 17 credits allowed. Such information shall include the number of credits 18 and the average amount of such credits allowed; and of those, the number 19 of credits and the average amounts of such credits allowed to taxpayers 20 in each county. 21 § 2. Subsection (a) of section 614 of the tax law, as amended by chap- 22 ter 170 of the laws of 1994, is amended to read as follows: 23 (a) Unmarried individual. For taxable years beginning after nineteen 24 hundred ninety-six, the New York standard deduction of a resident indi- 25 vidual who is not married nor the head of a household nor a surviving 26 spouse nor an individual whose federal exemption amount is zero shall be 27 seven thousand five hundred dollars; for taxable years beginning in 28 nineteen hundred ninety-six, such standard deduction shall be seven 29 thousand four hundred dollars; for taxable years beginning in nineteen 30 hundred ninety-five, such standard deduction shall be six thousand six 31 hundred dollars; and for taxable years beginning after nineteen hundred 32 eighty-nine and before nineteen hundred ninety-five, such standard 33 deduction shall be six thousand dollars. For taxable years beginning 34 after two thousand seventeen, the New York standard deduction of a resi- 35 dent individual who is between the ages of eighteen and twenty-four and 36 who is not married nor the head of a household nor a surviving spouse 37 nor an individual whose federal exemption amount is zero shall be ten 38 thousand dollars. 39 § 3. Section 615 of the tax law is amended by adding a new subsection 40 (h) to read as follows: 41 (h) For taxable years beginning on and after January first, two thou- 42 sand eighteen, in the case of a resident individual, there shall be 43 allowed as a deduction for the taxable year an amount equal to the 44 interest paid by the taxpayer during the taxable year on any qualified 45 education loan to the extent and as provided in section 221 of the 46 Internal Revenue Code. 47 § 4. This act shall take effect immediately and shall apply to taxable 48 years beginning on or after January 1, 2020 and shall expire and be 49 deemed repealed December 31, 2025.
