A04395 Summary:
| BILL NO | A04395 |
| SAME AS | No Same As |
| SPONSOR | Molitor |
| COSPNSR | Gallahan, Smullen, DeStefano, Ra, Brown K |
| MLTSPNSR | |
| Relates to requiring the commissioner of taxation and finance in conjunction with the health department and the office of temporary and disability assistance to conduct a study on the earned income tax credit and to propose changes thereto. | |
A04395 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 4395 2025-2026 Regular Sessions IN ASSEMBLY February 4, 2025 ___________ Introduced by M. of A. MOLITOR -- read once and referred to the Commit- tee on Ways and Means AN ACT requiring the commissioner of taxation and finance in conjunction with the department of health and the office of temporary and disabil- ity assistance to conduct a study on the earned income tax credit and to describe changes thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Earned income tax credit study. 1. The commissioner of 2 taxation and finance in conjunction with the department of health and 3 the office of temporary and disability assistance is authorized and 4 directed to conduct a study on the New York state earned income tax 5 credit and to describe changes to the tax credit that would allow for 6 the adjustment of the credit to offset any loss of public benefits 7 resulting from increased employment, thereby ensuring that a recipient's 8 net income increases whenever they receive an increase in earned income. 9 2. Such study shall be submitted to the legislature on or before April 10 15, 2026. 11 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07708-01-5