•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A02108 Summary:

BILL NOA02108
 
SAME ASSAME AS S03596
 
SPONSORBronson
 
COSPNSR
 
MLTSPNSR
 
Amd 606, 614 & 615, Tax L
 
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.
Go to top

A02108 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2108
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 17, 2017
                                       ___________
 
        Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
          tee on Ways and Means
 
        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
    23  credit and who is enrolled in a full-time or part-time academic  program
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07413-01-7

        A. 2108                             2
 
     1  leading  to  completion  of  a  high school diploma, general equivalency
     2  diploma, post-secondary certificate or work readiness credential,  asso-
     3  ciate degree or baccalaureate degree.
     4    (4)  Reports.  The  commissioner  shall  prepare a preliminary written
     5  report after July thirty-first and a final written report after December
     6  thirty-first of each calendar  year,  which  shall  contain  statistical
     7  information  regarding the credits granted on or before such dates under
     8  this subsection during such calendar year. Copies of these reports shall
     9  be submitted by such commissioner to the governor, the temporary  presi-
    10  dent  of  the  senate,  the speaker of the assembly, the chairman of the
    11  senate finance committee and the chairman of the assembly ways and means
    12  committee within sixty days of July thirty-first  with  respect  to  the
    13  preliminary  report, and within forty-five days of December thirty-first
    14  with respect to the final report.  Such reports shall contain, but  need
    15  not  be limited to, the number of credits and the average amount of such
    16  credits allowed.  Such information shall include the number  of  credits
    17  and the average amount of such credits allowed; and of those, the number
    18  of  credits and the average amounts of such credits allowed to taxpayers
    19  in each county.
    20    § 2. Subsection (a) of section 614 of the tax law, as amended by chap-
    21  ter 170 of the laws of 1994, is amended to read as follows:
    22    (a) Unmarried individual. For taxable years beginning  after  nineteen
    23  hundred  ninety-six, the New York standard deduction of a resident indi-
    24  vidual who is not married nor the head of a household  nor  a  surviving
    25  spouse nor an individual whose federal exemption amount is zero shall be
    26  seven  thousand  five  hundred  dollars;  for taxable years beginning in
    27  nineteen hundred ninety-six, such  standard  deduction  shall  be  seven
    28  thousand  four  hundred dollars; for taxable years beginning in nineteen
    29  hundred ninety-five, such standard deduction shall be six  thousand  six
    30  hundred  dollars; and for taxable years beginning after nineteen hundred
    31  eighty-nine and  before  nineteen  hundred  ninety-five,  such  standard
    32  deduction  shall  be  six  thousand dollars. For taxable years beginning
    33  after two thousand seventeen, the New York standard deduction of a resi-
    34  dent individual who is between the ages of eighteen and twenty-four  and
    35  who  is  not  married nor the head of a household nor a surviving spouse
    36  nor an individual whose federal exemption amount is zero  shall  be  ten
    37  thousand dollars.
    38    §  3. Section 615 of the tax law is amended by adding a new subsection
    39  (h) to read as follows:
    40    (h) For taxable years beginning on and after January first, two  thou-
    41  sand  eighteen,  in  the  case  of a resident individual, there shall be
    42  allowed as a deduction for the taxable  year  an  amount  equal  to  the
    43  interest  paid  by the taxpayer during the taxable year on any qualified
    44  education loan to the extent and as  provided  in  section  221  of  the
    45  Internal Revenue Code.
    46    § 4. This act shall take effect immediately and shall apply to taxable
    47  years  beginning  on  or  after  January 1, 2020 and shall expire and be
    48  deemed repealed December 31, 2025.
Go to top