NY State Senate Bill 2019-S2431A

Senate Bill S2431A

2019-2020 Legislative Session

Relates to increasing the earned income tax credit in the city of New York from five to fifteen percent

download bill text pdf

Archive: Last Bill Status - In Senate Committee Cities 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 04, 2020	print number 2431a
Feb 04, 2020	amend and recommit to cities
Jan 08, 2020	referred to cities
Apr 30, 2019	reported and committed to finance
Jan 24, 2019	referred to cities

Votes

- Apr 30, 2019 - Committee Vote
  S2431A
  
  6
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Committee Vote: Apr 30, 2019
      
      aye (6)
      
      Comrie
      
      Funke
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Ramos
      
      aye wr (1)
      
      Lanza

Bill Amendments

Original

A (Active)

2019-S2431 - Details

Current Committee:: Senate Cities
Law Section:: New York City Administrative Code
Laws Affected:: Amd §11-1706, NYC Ad Cd; amd §1310, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S8207
2017-2018: S3508
2021-2022: S1432

2019-S2431 - Summary

Increases the earned income tax credit in the city of New York from five to fifteen percent.

2019-S2431 - Sponsor Memo

                                
 
BILL NUMBER: S2431

SPONSOR: SERRANO
 
TITLE OF BILL:

An act to amend the administrative code of the city of New York and the
tax law, in relation to the earned income tax credit

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would increase the earned income tax credit against the city
of New York's personal income tax from five to fifteen percent

 
SUMMARY OF SPECIFIC PROVISIONS:

Amends the administrative code of the city of New York to specify that a
credit against the city personal income tax equal to fifteen percent of
the Earned Income Tax Credit (EITC) shall be allowed under section thir-
ty-two of the internal revenue code.

Amends the tax law to specify that a credit against the city personal

income tax equal to fifteen percent of the Earned Income Tax Credit
shall be allowed under section thirty-two of the internal revenue code.

 
JUSTIFICATION:

The EITC is a refundable tax credit for low to moderate income working
individuals designed to incentivize employment by offsetting federal,
state and city taxes. The EITC is one of the government's best tools in
fighting poverty. The EITC has proven to help reduce poverty, promote
employment, and ensure families can pay their bills. Studies have shown
that the EITC not only helps stimulate the local economy and reduce
poverty, but also has ancillary benefits like increased academic
achievement and improving the public health.

Recently, New York City Comptroller Scott M. Stringer, issued a report
detailing the effects of tripling New York City's portion of the EITC.
Among the report's findings were that a fifteen percent EITC in New York
City would lift 15,000 additional families out of poverty, raise the
incomes of millions more working individuals, and effectively eliminate
City income tax for nearly 6,000 New Yorkers.

Approximately, 1 in 5 New Yorkers claim the EITC. That number rises in
certain areas like the Bronx, where more than one-third of residents
claim the EITC. By tripling the EITC we have the opportunity to inject
millions of dollars into the local economy, and help millions living
near the poverty line put food on the table, repay debt, build savings,
invest in their homes, pay for education and plan for their future.

 
PRIOR LEGISLATIVE HISTORY:

2017-2018: S.3508 - REFERRED TO CITIES
2016: S.8207 - REFERRED TO RULES

 
EFFECTIVE DATE:
Immediately.

2019-S2431 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2431
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend the administrative code of the city of New York and  the
   tax law, in relation to 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 subdivision (d) of section  11-1706  of  the
 administrative  code  of  the  city  of  New York, as added by local law
 number 39 of the city of New York for the year 2004, is amended to  read
 as follows:
   (1)  For  taxable  years  beginning after two thousand three, a credit
 against the city personal income tax shall be  allowed,  equal  to  five
 percent  of the earned income credit allowed under section thirty-two of
 the internal revenue code for the same taxable  year;  AND  FOR  TAXABLE
 YEARS  BEGINNING  AFTER  TWO  THOUSAND TWENTY, A CREDIT AGAINST THE CITY
 PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO FIFTEEN  PERCENT  OF  THE
 EARNED  INCOME  CREDIT  ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR.
   § 2. Paragraph 1 of subsection (f) of section 1310 of the tax law,  as
 added  by  section  2  of  part  V of chapter 60 of the laws of 2004, is
 amended to read as follows:
   (1) Notwithstanding any other provision of law to  the  contrary,  any
 city  having  a  population  of  one million or more, acting through its
 local legislative body, is hereby authorized and empowered to adopt  and
 amend  local laws granting in any such city, for taxable years beginning
 after two thousand three, a credit against the city personal income  tax
 equal  to five percent of the earned income credit allowed under section
 thirty-two of the internal revenue code for the same taxable  year;  AND
 FOR  TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWENTY, A CREDIT AGAINST
 THE CITY PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO FIFTEEN  PERCENT

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03957-01-9

 S. 2431                             2
 
 OF  THE  EARNED  INCOME  CREDIT  ALLOWED UNDER SECTION THIRTY-TWO OF THE
 INTERNAL REVENUE CODE FOR THE SAME TAXABLE YEAR.
   §  3. This act shall take effect immediately, and shall apply to taxa-
 ble years beginning on or after January 1, 2020.

2019-S2431A (ACTIVE) - Details

Current Committee:: Senate Cities
Law Section:: New York City Administrative Code
Laws Affected:: Amd §11-1706, NYC Ad Cd; amd §1310, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S8207
2017-2018: S3508
2021-2022: S1432

2019-S2431A (ACTIVE) - Summary

Increases the earned income tax credit in the city of New York from five to fifteen percent.

2019-S2431A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S2431A

SPONSOR: SERRANO
 
TITLE OF BILL:

An act to amend the administrative code of the city of New York and the
tax law, in relation to the earned income tax credit

 
TITLE OF BILL:

An act to amend the administrative code of the city of New York and the
tax law, in relation to the earned income tax credit

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would increase the earned income tax credit against the city
of New York's personal income tax from five to fifteen percent

 
SUMMARY OF SPECIFIC PROVISIONS:

Amends the administrative code of the city of New York to specify that a
credit against the city personal income tax equal to fifteen percent of
the Earned Income Tax Credit (EITC) shall be allowed under section thir-
ty-two of the internal revenue code.  Amends the tax law to specify that
a credit against the city personal income tax equal to fifteen percent
of the Earned Income Tax Credit shall be allowed under section thirty-
two of the internal revenue code.

 
JUSTIFICATION:

The EITC is a refundable tax credit for low to moderate income working
individuals designed to incentivize employment by offsetting federal,
state and city taxes. The EITC is one of the government's best tools in
fighting poverty. The EITC has proven to help reduce poverty, promote
employment, and ensure families can pay their bills. Studies have shown
that the EITC not only helps stimulate the local economy and reduce
poverty, but also has ancillary benefits like increased academic
achievement and improving the public health.

Recently, New York City Comptroller Scott M. Stringer, issued a report
detailing the effects of tripling New York City's portion of the EITC.
Among the report's findings were that a fifteen percent EITC in New York
City would lift 15,000 additional families out of poverty, raise the
incomes of millions more working individuals, and effectively eliminate
City income tax for nearly 6,000 New Yorkers.

Approximately, 1 in 5 New Yorkers claim the EITC. That number rises in
certain areas like the Bronx, where more than one-third of residents
claim the EITC. By tripling the EITC we have the opportunity to inject
millions of dollars into the local economy, and help millions living
near the poverty line put food on the table, repay debt, build savings,
invest in their homes, pay for education and plan for their future.

 
PRIOR LEGISLATIVE HISTORY:

2017-2018: S.3508 - REFERRED TOY CITIES
2016: S.8207 - REFERRED TO RULES

 
EFFECTIVE DATE:
Immediately.

2019-S2431A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2431--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities --  recommitted  to
   the  Committee  on  Cities in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN  ACT to amend the administrative code of the city of New York and the
   tax law, in relation to 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 subdivision (d) of section 11-1706 of the
 administrative code of the city of New  York,  as  added  by  local  law
 number  39 of the city of New York for the year 2004, is amended to read
 as follows:
   (1) For taxable years beginning after two  thousand  three,  a  credit
 against  the  city  personal  income tax shall be allowed, equal to five
 percent of the earned income credit allowed under section thirty-two  of
 the  internal  revenue  code  for the same taxable year; AND FOR TAXABLE
 YEARS BEGINNING AFTER TWO THOUSAND TWENTY, A  CREDIT  AGAINST  THE  CITY
 PERSONAL  INCOME  TAX  SHALL BE ALLOWED, EQUAL TO FIFTEEN PERCENT OF THE
 EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO  OF  THE  INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR.
   §  2. Paragraph 1 of subsection (f) of section 1310 of the tax law, as
 added by section 2 of part V of chapter 60  of  the  laws  of  2004,  is
 amended to read as follows:
   (1)  Notwithstanding  any  other provision of law to the contrary, any
 city having a population of one million  or  more,  acting  through  its
 local  legislative body, is hereby authorized and empowered to adopt and
 amend local laws granting in any such city, for taxable years  beginning
 after  two thousand three, a credit against the city personal income tax
 equal to five percent of the earned income credit allowed under  section
 thirty-two  of  the internal revenue code for the same taxable year; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD03957-02-0

 S. 2431--A                          2
 
 FOR TAXABLE YEARS BEGINNING AFTER  TWO  THOUSAND  TWENTY-ONE,  A  CREDIT
 AGAINST  THE CITY PERSONAL INCOME TAX SHALL BE ALLOWED, EQUAL TO FIFTEEN
 PERCENT OF THE EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO  OF
 THE INTERNAL REVENUE CODE FOR THE SAME TAXABLE YEAR.
   §  3. This act shall take effect immediately, and shall apply to taxa-
 ble years beginning on or after January 1, 2021.

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