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A01055 Summary:

COSPNSRD'Urso, Simon, Ortiz
Amd §§606, 614 & 615, Tax L
Provides an earned income tax credit to youth workers, increases the standard deduction for individuals eighteen to twenty-four years of age, provides for the deduction of student loan interest and provides for the expiration of such provisions.
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A01055 Text:

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 14, 2019
        Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the tax law, in relation to providing an  earned  income
          tax  credit  to  youth  workers, increasing the standard deduction and
          providing for the deduction of student loan  interest;  and  providing
          for the repeal of such provisions upon expiration thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (d-2) to read as follows:
     3    (d-2)  Earned  income  tax  credit  for  youth workers. (1) A taxpayer
     4  described in paragraph two of this subsection shall be allowed a  credit
     5  equal  to  the  product  of  one  and three-tenths and the amount of the
     6  earned income tax credit that would have been allowed  to  the  taxpayer
     7  under  section  32  of  the  internal  revenue code, if the taxpayer had
     8  attained the minimum age of eligibility for such earned income tax cred-
     9  it set forth in section  32(c)(1)(A)(ii)(II)  of  the  internal  revenue
    10  code.
    11    (2)  To  be  allowed  a  credit under this subsection, a taxpayer must
    12  satisfy all of the following qualifications:
    13    (A) The taxpayer must be a resident taxpayer who is not claimed  as  a
    14  dependent of another taxpayer.
    15    (B)  The taxpayer must have attained the age of seventeen and must not
    16  have attained the minimum age at which a taxpayer is qualified  for  the
    17  earned   income  tax  credit  as  such  age  is  set  forth  in  section
    18  32(c)(1)(A)(ii)(II) of the internal revenue code.
    19    (C) The taxpayer must not be the custodial or non-custodial parent  of
    20  a minor child or children.
    21    (3) Nothing in this section shall be deemed to prohibit the qualifica-
    22  tions  of a taxpayer who is otherwise eligible for the earned income tax
    23  credit and who is enrolled in a full-time or part-time academic  program
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 1055                             2
     1  leading  to  completion  of  a  high school diploma, general equivalency
     2  diploma, post-secondary certificate or work readiness credential,  asso-
     3  ciate degree or baccalaureate degree.
     4    (4)  Reports.  The  commissioner  shall  prepare a preliminary written
     5  report after July thirty-first and a final written report after December
     6  thirty-first of each calendar  year,  which  shall  contain  statistical
     7  information  regarding the credits granted on or before such dates under
     8  this subsection during such calendar year. Copies of these reports shall
     9  be submitted by such commissioner to the governor, the temporary  presi-
    10  dent  of  the  senate,  the speaker of the assembly, the chairman of the
    11  senate finance committee and the chairman of the assembly ways and means
    12  committee within sixty days of July thirty-first  with  respect  to  the
    13  preliminary  report, and within forty-five days of December thirty-first
    14  with respect to the final report.  Such reports shall contain, but  need
    15  not  be limited to, the number of credits and the average amount of such
    16  credits allowed.  Such information shall include the number  of  credits
    17  and the average amount of such credits allowed; and of those, the number
    18  of  credits and the average amounts of such credits allowed to taxpayers
    19  in each county.
    20    § 2. Subsection (a) of section 614 of  the  tax  law,  as  amended  by
    21  section  1  of  part JJ of chapter 59 of the laws of 2018, is amended to
    22  read as follows:
    23    (a) Unmarried individual. For taxable years beginning  after  nineteen
    24  hundred  ninety-six, the New York standard deduction of a resident indi-
    25  vidual who is not married nor the head of a household  nor  a  surviving
    26  spouse  nor  an  individual who is claimed as a dependent by another New
    27  York state taxpayer shall be seven thousand five  hundred  dollars;  for
    28  taxable  years  beginning  in nineteen hundred ninety-six, such standard
    29  deduction shall be seven thousand  four  hundred  dollars;  for  taxable
    30  years beginning in nineteen hundred ninety-five, such standard deduction
    31  shall  be six thousand six hundred dollars; and for taxable years begin-
    32  ning after nineteen hundred  eighty-nine  and  before  nineteen  hundred
    33  ninety-five,  such standard deduction shall be six thousand dollars. For
    34  taxable years beginning after two thousand nineteen, the New York stand-
    35  ard deduction of a resident individual who is between the ages of  eigh-
    36  teen  and twenty-four and who is not married nor the head of a household
    37  nor a surviving spouse nor an individual whose federal exemption  amount
    38  is zero shall be ten thousand dollars.
    39    §  3. Section 615 of the tax law is amended by adding a new subsection
    40  (h) to read as follows:
    41    (h) For taxable years beginning on and after January first, two  thou-
    42  sand  twenty,  in  the  case  of  a  resident individual, there shall be
    43  allowed as a deduction for the taxable  year  an  amount  equal  to  the
    44  interest  paid  by the taxpayer during the taxable year on any qualified
    45  education loan to the extent and as  provided  in  section  221  of  the
    46  Internal Revenue Code.
    47    § 4. This act shall take effect immediately and shall apply to taxable
    48  years  beginning  on  or  after  January 1, 2022 and shall expire and be
    49  deemed repealed December 31, 2027.
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