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A07486 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         7486

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                     May 13, 2015
                                      ___________

       Introduced  by M. of A. GOODELL -- read once and referred to the Commit-
         tee on Ways and Means

       AN ACT to amend the tax law, in relation to installment payment for  the
         earned income credit

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. Section 686 of the tax law  is  amended  by  adding  a  new
    2  subsection (j) to read as follows:
    3    (J) EARNED INCOME TAX CREDIT.  AN EARNED INCOME TAX CREDIT PURSUANT TO
    4  SUBSECTION (D) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE OR AN ENHANCED
    5  EARNED  INCOME  TAX  CREDIT  PURSUANT TO SUBSECTION (D-1) OF SECTION SIX
    6  HUNDRED SIX OF THIS ARTICLE SHALL BE PAID TO THE  TAXPAYER  AS  FOLLOWS:
    7  (I)  FOR  AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS, THE PAYMENT
    8  OR REFUND SHALL BE MADE IN A LUMP SUM, (II) FOR AMOUNTS IN EXCESS OF TWO
    9  HUNDRED DOLLARS AND LESS THAN TWO THOUSAND  FOUR  HUNDRED  DOLLARS,  THE
   10  PAYMENT OR REFUND SHALL BE TWO HUNDRED DOLLARS A MONTH FOR THE NUMBER OF
   11  MONTHS  EQUAL  TO  THE  TOTAL  AMOUNT THEREOF DIVIDED BY TWO HUNDRED AND
   12  ROUNDED DOWN TO THE NEAREST WHOLE NUMBER, AND THE REMAINING  BALANCE  OF
   13  SUCH  PAYMENT OR REFUND SHALL BE MADE IN THE FIRST MONTH THEREAFTER, AND
   14  (III) FOR AMOUNTS EQUAL TO OR GREATER THAN  TWO  THOUSAND  FOUR  HUNDRED
   15  DOLLARS,  THE  PAYMENT OR REFUND SHALL BE PAID IN EQUAL MONTHLY PAYMENTS
   16  EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY TWELVE.
   17    S 2. This act shall take effect on the one hundred twentieth day after
   18  it shall have become a law. Effective immediately, the  commissioner  of
   19  taxation  and  finance  is  authorized  to  make any addition, amendment
   20  and/or repeal of any rule or regulation necessary for the implementation
   21  of this act on its effective date on or before such date.


        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03369-03-5
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