Assembly Bill A9542

2011-2012 Legislative Session

Increases the amount of the earned income tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A9542 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4280
2015-2016: A4340
2017-2018: A2018
2019-2020: A3702

2011-A9542 (ACTIVE) - Summary

Increases the amount of the earned income tax credit.

2011-A9542 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9542

                          I N  A S S E M B L Y

                             March 12, 2012
                               ___________

Introduced  by  M.  of A. SCHIMMINGER, BENEDETTO, CASTRO, CRESPO, GANTT,
  GIBSON, JEFFRIES, LAVINE,  MILLMAN,  P. RIVERA,  ROBERTS,  SWEENEY  --
  Multi-Sponsored  by -- M. of A.  BRAUNSTEIN, GLICK, GOTTFRIED, HIKIND,
  V. LOPEZ, THIELE, WEISENBERG -- read once and referred to the  Commit-
  tee 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:

  Section 1. Paragraph 1 of subsection (d) of section  606  of  the  tax
law,  as  amended  by  section  1 of part Q of chapter 63 of the laws of
2000, is amended to read as follows:
  (1) General. A taxpayer shall be allowed a credit as  provided  herein
equal  to  (i)  the  applicable  percentage  of the earned income credit
allowed under section thirty-two of the internal revenue  code  for  the
same taxable year, (ii) reduced by the credit permitted under subsection
(b) of this section.
  The  applicable percentage shall be (i) seven and one-half percent for
taxable years  beginning  in  nineteen  hundred  ninety-four,  (ii)  ten
percent  for  taxable  years  beginning in nineteen hundred ninety-five,
(iii) twenty percent for taxable years beginning after nineteen  hundred
ninety-five  and  before  two  thousand,  (iv)  twenty-two  and one-half
percent for taxable years beginning in  two  thousand,  (v)  twenty-five
percent  for  taxable  years beginning in two thousand one, (vi) twenty-
seven and one-half percent for taxable years beginning in  two  thousand
two, [and] (vii) thirty percent for taxable years beginning in two thou-
sand  three  AND  BEFORE  TWO  THOUSAND  TWELVE,  (VIII)  THIRTY-TWO AND
ONE-HALF PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWELVE, AND
(IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS  BEGINNING  IN  TWO  THOUSAND
THIRTEEN and thereafter. Provided, however, that if the reversion event,
as defined in this paragraph, occurs, the applicable percentage shall be
twenty  percent  for  taxable years ending on or after the date on which
the reversion event occurred. The reversion event  shall  be  deemed  to
have  occurred  on  the  date on which federal action, including but not

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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