Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to ways and means |
Dec 13, 2023 |
print number 5577a |
Dec 13, 2023 |
amend and recommit to ways and means |
Mar 16, 2023 |
referred to ways and means |
Assembly Bill A5577A
2023-2024 Legislative Session
Sponsored By
FAHY
Current 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
Actions
Bill Amendments
co-Sponsors
Andrew Hevesi
Fred Thiele
Steve Stern
Jo Anne Simon
multi-Sponsors
Juan Ardila
2023-A5577 - Details
2023-A5577 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5577 2023-2024 Regular Sessions I N A S S E M B L Y March 16, 2023 ___________ Introduced by M. of A. FAHY, HEVESI, THIELE, STERN, SIMON, DICKENS, JACKSON, BURDICK, LUNSFORD, DINOWITZ, LUPARDO, BRONSON, GALLAGHER, GONZALEZ-ROJAS, FORREST, CRUZ, WALLACE, CLARK, SILLITTI, MEEKS, GLICK, RAMOS, DARLING, MITAYNES, JEAN-PIERRE, KELLES, RIVERA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing for the advance payment of 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 and a new paragraph 9 is added 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. PROVIDED, HOWEVER, FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWENTY-FOUR AND THEREAFTER, FOR THE PURPOSE OF DETERMINING THE AMOUNT OF TAX CREDIT UNDER THIS PARAGRAPH, IN CALCULATING THE EARNED INCOME TAX CREDIT ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL REVENUE CODE, THE PHASEOUT AMOUNT AS REFERENCED IN SECTION 32(B)(2)(A) OF THE INTERNAL REVENUE CODE SHALL BE READ AS TWENTY-FOUR THOUSAND NINE HUNDRED SIXTY DOLLARS INSTEAD OF ELEVEN THOUSAND SIX HUNDRED TEN DOLLARS AND SUCH PHASEOUT AMOUNT SHALL BE SUBJECT TO ADJUSTMENTS MADE IN SECTION THIRTY-TWO OF THE INTERNAL REVENUE CODE (THE CALENDAR YEAR REFERENCED IN THE COST OF LIVING ADJUSTMENT IN SECTION 32(J)(1)(B) OF THE INTERNAL REVENUE CODE SHALL BE APPLIED AS CALENDAR YEAR TWO THOUSAND TWENTY-FOUR WITH RESPECT TO THE PHASEOUT AMOUNTS), INCLUDING AN ADDITIONAL PHASEOUT AMOUNT FOR A JOINT FILER AND INFLATION ADJUSTMENT SPECIFIED IN SUCH SECTION OF THE INTERNAL REVENUE CODE FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWENTY-FOUR AND THEREAFTER. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09953-03-3
co-Sponsors
Andrew Hevesi
Fred Thiele
Steve Stern
Jo Anne Simon
2023-A5577A (ACTIVE) - Details
2023-A5577A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5577--A 2023-2024 Regular Sessions I N A S S E M B L Y March 16, 2023 ___________ Introduced by M. of A. FAHY, HEVESI, THIELE, STERN, SIMON, DICKENS, JACKSON, BURDICK, LUNSFORD, DINOWITZ, LUPARDO, BRONSON, GALLAGHER, GONZALEZ-ROJAS, FORREST, CRUZ, WALLACE, CLARK, SILLITTI, MEEKS, GLICK, RAMOS, DARLING, MITAYNES, JEAN-PIERRE, KELLES, RIVERA, McDONALD, SEAWRIGHT, STIRPE, LEVENBERG -- Multi-Sponsored by -- M. of A. ARDILA -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing for the advance payment of 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 and a new paragraph 9 is added 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. PROVIDED, HOWEVER, FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TWENTY-FIVE AND THEREAFTER, FOR THE PURPOSE OF DETERMINING THE AMOUNT OF TAX CREDIT UNDER THIS PARAGRAPH, IN CALCULATING THE EARNED INCOME TAX CREDIT ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL REVENUE CODE, THE PHASEOUT AMOUNT AS REFERENCED IN SECTION 32(B)(2)(A) OF THE INTERNAL REVENUE CODE SHALL BE READ AS TWENTY-FOUR THOUSAND NINE HUNDRED SIXTY DOLLARS INSTEAD OF ELEVEN THOUSAND SIX HUNDRED TEN DOLLARS AND SUCH PHASEOUT AMOUNT SHALL BE SUBJECT TO ADJUSTMENTS MADE IN SECTION THIRTY-TWO OF THE INTERNAL REVENUE CODE (THE CALENDAR YEAR REFERENCED IN THE COST OF LIVING ADJUSTMENT IN SECTION 32(J)(1)(B) OF THE INTERNAL REVENUE CODE SHALL BE APPLIED AS CALENDAR YEAR TWO THOUSAND TWENTY-FIVE WITH RESPECT TO THE PHASEOUT AMOUNTS), INCLUDING AN ADDITIONAL PHASEOUT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09953-05-3
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.