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AB3702 Summary:

BILL NOA03702
 
SAME ASNo Same As
 
SPONSORSchimminger (MS)
 
COSPNSRBenedetto, Crespo, Gantt, Lavine, Cahill, Weprin, Aubry, Peoples-Stokes
 
MLTSPNSRBraunstein, Colton, Glick, Gottfried, Perry, Thiele
 
Amd §606, Tax L
 
Increases the amount of the earned income tax credit.
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AB3702 Text:



 
                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.
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