STATE OF NEW YORK
________________________________________________________________________
6331
2023-2024 Regular Sessions
IN SENATE
April 14, 2023
___________
Introduced by Sen. MURRAY -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
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 § 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.
LBD06121-01-3
