S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3702
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:
 
   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 NINETEEN, (VIII) THIRTY-TWO AND  ONE-
 HALF  PERCENT  FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINETEEN, AND
 (IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS  BEGINNING  IN  TWO  THOUSAND
 TWENTY  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03838-01-9

 A. 3702                             2
 
 the  reversion  event  occurred.  The reversion event shall be deemed to
 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.