S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5564
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              April 12, 2017
                                ___________
 
 Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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 EIGHTEEN, (VIII) THIRTY-TWO AND  ONE-
 HALF  PERCENT  FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN, AND
 (IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS  BEGINNING  IN  TWO  THOUSAND
 NINETEEN 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD05721-02-7

 S. 5564                             2
 
 have  occurred  on  the  date on which federal action, including but not
 limited to, administrative, statutory or regulatory changes,  materially
 reduces  or eliminates New York state's allocation of the federal tempo-
 rary  assistance  for  needy families block grant, or materially reduces
 the ability of the state to spend federal temporary assistance for needy
 families block grant funds for the earned  income  credit  or  to  apply
 state  general  fund  spending  on  the  earned income credit toward the
 temporary assistance for  needy  families  block  grant  maintenance  of
 effort  requirement, and the commissioner of the office of temporary and
 disability assistance shall certify  the  date  of  such  event  to  the
 commissioner  of  taxation  and finance, the director of the division of
 the budget, the speaker of the assembly and the temporary  president  of
 the senate.
   § 2. This act shall take effect immediately.