Assembly Bill A1737

2023-2024 Legislative Session

Provides for the installment payment for the earned income credit

download bill text pdf

Sponsored By

Current Bill Status - Stricken

  • 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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2023-A1737 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §686, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7486
2017-2018: A4300
2019-2020: A5574
2021-2022: A5024

2023-A1737 (ACTIVE) - Summary

Provides for installment payment for the earned income credit.

2023-A1737 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1737
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by M. of A. GOODELL -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to installment payment for  the
   earned income credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 686 of the tax law  is  amended  by  adding  a  new
 subsection (j) to read as follows:
   (J) EARNED INCOME TAX CREDIT.  AN EARNED INCOME TAX CREDIT PURSUANT TO
 SUBSECTION (D) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE OR AN ENHANCED
 EARNED  INCOME  TAX  CREDIT  PURSUANT TO SUBSECTION (D-1) OF SECTION SIX
 HUNDRED SIX OF THIS ARTICLE SHALL BE PAID TO THE  TAXPAYER  AS  FOLLOWS:
 (I)  FOR  AMOUNTS EQUAL TO OR LESS THAN TWO HUNDRED DOLLARS, THE PAYMENT
 OR REFUND SHALL BE MADE IN A LUMP SUM, (II) FOR AMOUNTS IN EXCESS OF TWO
 HUNDRED DOLLARS AND LESS THAN TWO THOUSAND  FOUR  HUNDRED  DOLLARS,  THE
 PAYMENT OR REFUND SHALL BE TWO HUNDRED DOLLARS A MONTH FOR THE NUMBER OF
 MONTHS  EQUAL  TO  THE  TOTAL  AMOUNT THEREOF DIVIDED BY TWO HUNDRED AND
 ROUNDED DOWN TO THE NEAREST WHOLE NUMBER, AND THE REMAINING  BALANCE  OF
 SUCH  PAYMENT OR REFUND SHALL BE MADE IN THE FIRST MONTH THEREAFTER, AND
 (III) FOR AMOUNTS EQUAL TO OR GREATER THAN  TWO  THOUSAND  FOUR  HUNDRED
 DOLLARS,  THE  PAYMENT OR REFUND SHALL BE PAID IN EQUAL MONTHLY PAYMENTS
 EQUAL TO THE TOTAL AMOUNT THEREOF DIVIDED BY TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law. Effective immediately, the  commissioner  of
 taxation  and  finance  is  authorized  to  make any addition, amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of this act on its effective date on or before such date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06121-01-3

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