|SAME AS||No Same As|
|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
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. LBD07413-01-7A. 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.