New York A 3474: Relates to establishing a real property tax exemption for reservists

Bill Text

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A03474 Summary:

BILL NOA03474 

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SAME ASSAME AS S02082

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SPONSORHevesi

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COSPNSRKelles, Cunningham, Colton, Raga, Walker, Forrest, Bores, Simon, Otis, Cruz, Carroll R, Kim,
 Bichotte Hermelyn, Epstein, Tapia, Lunsford, Gonzalez-Rojas, Brown K, Alvarez, Taylor, De Los
 Santos, Simone, Rosenthal, Levenberg, Gallahan, Steck, Rozic, Gibbs, Romero, Gallagher, Seawright,
 Shrestha, Valdez, Bronson, Moreno

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MLTSPNSR

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Amd §§606 & 616, Tax L

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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.

Go to top A03474 Actions:

BILL NOA03474 

&nbsp

01/27/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03474 Committee&nbspVotes:

Go to topA03474 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03474 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3474

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. HEVESI, KELLES, CUNNINGHAM, COLTON, RAGA, WALKER,
 FORREST, BORES, SIMON, OTIS, CRUZ, R. CARROLL, KIM, BICHOTTE HERMELYN,
 EPSTEIN, TAPIA, LUNSFORD, GONZALEZ-ROJAS, K. BROWN, ALVAREZ, TAYLOR,
 DE LOS SANTOS, SIMONE, ROSENTHAL, LEVENBERG, GALLAHAN, MAMDANI, STECK,
 ROZIC, GIBBS -- read once and referred to the Committee on Ways and
 Means

 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:

 1 Section 1. Subsection (d) of section 606 of the tax law is amended by
 2 adding a new paragraph 9 to read as follows:
 3 (9) Commencing in the taxable year next succeeding the effective date
 4 of subsection (c-2) of this section, the earned income credit for
 5 taxpayers with qualifying children through age seventeen, as defined in
 6 paragraph one of subsection (c-2) of this section, shall be reduced over
 7 the course of four years as follows:
 8 (A) In the first taxable year succeeding the effective date of
 9 subsection (c-2) of this section, the applicable percentage of the
 10 earned income credit allowed under section thirty-two of the internal
 11 revenue code for the same taxable year, as described in paragraph one of
 12 this subsection, shall be reduced to twenty-five;
 13 (B) In the second taxable year succeeding the effective date of
 14 subsection (c-2) of this section, the applicable percentage of the
 15 earned income credit allowed under section thirty-two of the internal
 16 revenue code for the same taxable year, as described in paragraph one of
 17 this subsection, shall be reduced to twenty;
 18 (C) In the third taxable year succeeding the effective date of
 19 subsection (c-2) of this section, the applicable percentage of the
 20 earned income credit allowed under section thirty-two of the internal

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02254-02-5

 A. 3474 2

 1 revenue code for the same taxable year, as described in paragraph one of
 2 this subsection, shall be reduced to fifteen;
 3 (D) In the fourth taxable year succeeding the effective date of
 4 subsection (c-2) of this section, the applicable percentage of the
 5 earned income credit allowed under section thirty-two of the internal
 6 revenue code for the same taxable year, as described in paragraph one of
 7 this subsection, shall be reduced to ten.
 8 (E) In the fifth taxable year succeeding the effective date of
 9 subsection (c-2) of this section and each taxable year thereafter, the
 10 applicable percentage of the earned income tax credit allowed under
 11 section thirty-two of the internal revenue code for the same taxable
 12 year, as described in paragraph one of this subsection, shall be reduced
 13 to zero.
 14 Taxpayers with both qualifying children through age seventeen as
 15 defined in paragraph one of subsection (c-2) of this section and another
 16 qualifying child, as defined in 26 USC §152(c), and/or a qualifying
 17 relative, as defined in 26 USC §152(d), shall not be subject to the
 18 reduction of the earned income tax credit provided