Senate Bill S277B

2023-2024 Legislative Session

Relates to a working families tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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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Bill Amendments

co-Sponsors

2023-S277 - Details

See Assembly Version of this Bill:
A4022
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 616, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9610

2023-S277 - Summary

Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.

2023-S277 - Sponsor Memo

2023-S277 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    277
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sens. GOUNARDES, KENNEDY, RIVERA -- read twice and ordered
   printed,  and  when printed to be committed to the Committee on Budget
   and Revenue
 
 AN ACT to amend the tax law, in relation to a  New  York  state  working
   families 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 WITH NO QUALIFYING  CHILD  AS  DEFINED  IN  26
 U.S.C.  §  152(C)  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.
   § 2. Paragraph 1 of subsection (c-1) of section 606 of the tax law, as
 amended  by  section  1  of part P of chapter 59 of the laws of 2018, is
 amended to read as follows:
   (1) [A] FOR TAXABLE YEARS BEGINNING PRIOR TO JANUARY FIRST, TWO  THOU-
 SAND  TWENTY-THREE,  A  resident  taxpayer  shall be allowed a credit as
 provided herein equal to the greater of one hundred  dollars  times  the
 number of qualifying children of the taxpayer or the applicable percent-
 age  of  the child tax credit allowed the taxpayer under section twenty-
 four of the internal revenue code for the same  taxable  year  for  each
 qualifying  child.  Provided,  however,  in the case of a taxpayer whose
 federal adjusted gross income exceeds the  applicable  threshold  amount
 set  forth  by section 24(b)(2) of the Internal Revenue Code, the credit
 shall only be equal to the applicable percentage of the child tax credit
 allowed the taxpayer under section 24 of the Internal Revenue  Code  for

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

co-Sponsors

2023-S277A - Details

See Assembly Version of this Bill:
A4022
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 616, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9610

2023-S277A - Summary

Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.

2023-S277A - Sponsor Memo

2023-S277A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  277--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  GOUNARDES,  COONEY,  CHU, HOYLMAN-SIGAL, KENNEDY,
   MYRIE, RAMOS, RIVERA, SEPULVEDA -- read twice and ordered printed, and
   when printed to be committed to the Committee on Budget and Revenue --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 AN  ACT  to  amend  the tax law, in relation to a New York state working
   families 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  WITH  NO QUALIFYING CHILD AS DEFINED IN 26
 U.S.C. § 152(C) 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.
   § 2. Paragraph 1 of subsection (c-1) of section 606 of the tax law, as
 amended by section 1 of part P of chapter 59 of the  laws  of  2018,  is
 amended to read as follows:
   (1)  [A] FOR TAXABLE YEARS BEGINNING PRIOR TO JANUARY FIRST, TWO THOU-
 SAND TWENTY-FOUR, A resident taxpayer  shall  be  allowed  a  credit  as
 provided  herein  equal  to the greater of one hundred dollars times the
 number of qualifying children of the taxpayer or the applicable percent-
 age of the child tax credit allowed the taxpayer under  section  twenty-
 four  of  the  internal  revenue code for the same taxable year for each
 qualifying child. Provided, however, in the case  of  a  taxpayer  whose
 federal  adjusted  gross  income exceeds the applicable threshold amount
 set forth by section 24(b)(2) of the Internal Revenue Code,  the  credit

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

co-Sponsors

2023-S277B - Details

See Assembly Version of this Bill:
A4022
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 616, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9610

2023-S277B - Summary

Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.

2023-S277B - Sponsor Memo

2023-S277B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  277--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  GOUNARDES,  COONEY,  ASHBY,  BROUK,  CHU, CLEARE,
   FERNANDEZ, HINCHEY, HOYLMAN-SIGAL, KAVANAGH,  KENNEDY,  MANNION,  MAY,
   MURRAY,  MYRIE,  RAMOS,  RIVERA,  SALAZAR, SEPULVEDA, SERRANO, WEBB --
   read twice and ordered printed, and when printed to  be  committed  to
   the  Committee  on  Budget  and  Revenue -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee  --  recommitted to the Committee on Budget and Revenue in accord-
   ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to a  New  York  state  working
   families tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (d) of section 606 of the tax law is amended  by
 adding a new paragraph 9 to read as follows:
   (9)  COMMENCING IN THE TAXABLE YEAR NEXT SUCCEEDING THE EFFECTIVE DATE
 OF SUBSECTION (C-2) OF THIS SECTION, THE PORTION OF  THE  EARNED  INCOME
 CREDIT  ATTRIBUTABLE TO QUALIFYING CHILDREN, AS DEFINED IN PARAGRAPH ONE
 OF SUBSECTION (C-2) OF THIS SECTION, SHALL BE REDUCED OVER THE COURSE OF
 FOUR YEARS AS FOLLOWS:
   (A) IN THE  FIRST  TAXABLE  YEAR  SUCCEEDING  THE  EFFECTIVE  DATE  OF
 SUBSECTION  (C-2)  OF  THIS  SECTION,  THE  APPLICABLE PERCENTAGE OF THE
 EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO  OF  THE  INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR, AS DESCRIBED IN PARAGRAPH ONE OF
 THIS SUBSECTION, SHALL BE REDUCED TO TWENTY-ONE;
   (B)  IN  THE  SECOND  TAXABLE  YEAR  SUCCEEDING  THE EFFECTIVE DATE OF
 SUBSECTION (C-2) OF THIS  SECTION,  THE  APPLICABLE  PERCENTAGE  OF  THE
 EARNED  INCOME  CREDIT  ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR, AS DESCRIBED IN PARAGRAPH ONE OF
 THIS SUBSECTION, SHALL BE REDUCED TO FIFTEEN;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2023-S277C (ACTIVE) - Details

See Assembly Version of this Bill:
A4022
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 616, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9610

2023-S277C (ACTIVE) - Summary

Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.

2023-S277C (ACTIVE) - Sponsor Memo

2023-S277C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  277--C
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  GOUNARDES,  COONEY,  ASHBY,  BRESLIN, BROUK, CHU,
   CLEARE, COMRIE, FERNANDEZ, GONZALEZ, HARCKHAM, HINCHEY, HOYLMAN-SIGAL,
   JACKSON, KAVANAGH, MANNION, MAY, MAYER, MURRAY, MYRIE, RAMOS,  RIVERA,
   SALAZAR,  SEPULVEDA,  SERRANO,  WEBB,  WEBER -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Budget
   and  Revenue  -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee  --  recommitted  to  the
   Committee on Budget and Revenue in accordance with Senate Rule 6, sec.
   8  -- committee discharged, bill amended, ordered reprinted as amended
   and recommitted to said committee  --  reported  favorably  from  said
   committee  and  committed  to  the  Committee  on Finance -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the tax law, in relation to a  New  York  state  working
   families tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (d) of section 606 of the tax law is amended  by
 adding a new paragraph 9 to read as follows:
   (9)  COMMENCING IN THE TAXABLE YEAR NEXT SUCCEEDING THE EFFECTIVE DATE
 OF SUBSECTION (C-2) OF  THIS  SECTION,  THE  EARNED  INCOME  CREDIT  FOR
 TAXPAYERS  WITH QUALIFYING CHILDREN THROUGH AGE SEVENTEEN, AS DEFINED IN
 PARAGRAPH ONE OF SUBSECTION (C-2) OF THIS SECTION, SHALL BE REDUCED OVER
 THE COURSE OF FOUR YEARS AS FOLLOWS:
   (A) IN THE  FIRST  TAXABLE  YEAR  SUCCEEDING  THE  EFFECTIVE  DATE  OF
 SUBSECTION  (C-2)  OF  THIS  SECTION,  THE  APPLICABLE PERCENTAGE OF THE
 EARNED INCOME CREDIT ALLOWED UNDER SECTION THIRTY-TWO  OF  THE  INTERNAL
 REVENUE CODE FOR THE SAME TAXABLE YEAR, AS DESCRIBED IN PARAGRAPH ONE OF
 THIS SUBSECTION, SHALL BE REDUCED TO TWENTY-FIVE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02008-14-4
              

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