STATE OF NEW YORK
________________________________________________________________________
3702
2019-2020 Regular Sessions
IN ASSEMBLY
January 30, 2019
___________
Introduced by M. of A. SCHIMMINGER, BENEDETTO, CRESPO, GANTT, LAVINE,
CAHILL, WEPRIN, AUBRY -- Multi-Sponsored by -- M. of A. BRAUNSTEIN,
COLTON, GLICK, GOTTFRIED, PERRY, THIELE -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the earned income
tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 1 of subsection (d) of section 606 of the tax
2 law, as amended by section 1 of part Q of chapter 63 of the laws of
3 2000, is amended to read as follows:
4 (1) General. A taxpayer shall be allowed a credit as provided herein
5 equal to (i) the applicable percentage of the earned income credit
6 allowed under section thirty-two of the internal revenue code for the
7 same taxable year, (ii) reduced by the credit permitted under subsection
8 (b) of this section.
9 The applicable percentage shall be (i) seven and one-half percent for
10 taxable years beginning in nineteen hundred ninety-four, (ii) ten
11 percent for taxable years beginning in nineteen hundred ninety-five,
12 (iii) twenty percent for taxable years beginning after nineteen hundred
13 ninety-five and before two thousand, (iv) twenty-two and one-half
14 percent for taxable years beginning in two thousand, (v) twenty-five
15 percent for taxable years beginning in two thousand one, (vi) twenty-
16 seven and one-half percent for taxable years beginning in two thousand
17 two, [and] (vii) thirty percent for taxable years beginning in two thou-
18 sand three and before two thousand nineteen, (viii) thirty-two and one-
19 half percent for taxable years beginning in two thousand nineteen, and
20 (ix) thirty-five percent for taxable years beginning in two thousand
21 twenty and thereafter. Provided, however, that if the reversion event,
22 as defined in this paragraph, occurs, the applicable percentage shall be
23 twenty percent for taxable years ending on or after the date on which
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03838-01-9
A. 3702 2
1 the reversion event occurred. The reversion event shall be deemed to
2 have occurred on the date on which federal action, including but not
3 limited to, administrative, statutory or regulatory changes, materially
4 reduces or eliminates New York state's allocation of the federal tempo-
5 rary assistance for needy families block grant, or materially reduces
6 the ability of the state to spend federal temporary assistance for needy
7 families block grant funds for the earned income credit or to apply
8 state general fund spending on the earned income credit toward the
9 temporary assistance for needy families block grant maintenance of
10 effort requirement, and the commissioner of the office of temporary and
11 disability assistance shall certify the date of such event to the
12 commissioner of taxation and finance, the director of the division of
13 the budget, the speaker of the assembly and the temporary president of
14 the senate.
15 § 2. This act shall take effect immediately.
