New York S 4425: Provides for the advance payment of the earned income tax credit

Bill Text

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S04425 Summary:

BILL NOS04425 

&nbsp

SAME ASSAME AS A06000

&nbsp

SPONSORFAHY

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COSPNSRKAVANAGH

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MLTSPNSR

&nbsp

Amd §606, add §679, Tax L

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Provides for the advance payment of the earned income tax credit to qualifying employees.

Go to top S04425 Actions:

BILL NOS04425 

&nbsp

02/04/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04425 Committee&nbspVotes:

Go to topS04425 Floor&nbspVotes:

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

Go to topS04425 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4425

 2025-2026 Regular Sessions

 IN SENATE

 February 4, 2025
 ___________

 Introduced by Sen. FAHY -- 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 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:

 1 Section 1. Paragraph 1 of subsection (d) of section 606 of the tax
 2 law, as amended by section 1 of part Q of chapter 63 of the laws of
 3 2000, is amended and a new paragraph 9 is added to read as follows:
 4 (1) General. A taxpayer shall be allowed a credit as provided herein
 5 equal to (i) the applicable percentage of the earned income credit
 6 allowed under section thirty-two of the internal revenue code for the
 7 same taxable year, (ii) reduced by the credit permitted under subsection
 8 (b) of this section. Provided, however, for taxable years beginning in
 9 two thousand twenty-seven and thereafter, for the purpose of determining
 10 the amount of tax credit under this paragraph, in calculating the earned
 11 income tax credit allowed under section thirty-two of the internal
 12 revenue code, the phaseout amount as referenced in section 32(b)(2)(A)
 13 of the internal revenue code shall be read as twenty-four thousand nine
 14 hundred sixty dollars instead of eleven thousand six hundred ten dollars
 15 and such phaseout amount shall be subject to adjustments made in section
 16 thirty-two of the internal revenue code (the calendar year referenced in
 17 the cost of living adjustment in section 32(j)(1)(B) of the internal
 18 revenue code shall be applied as calendar year two thousand twenty-five
 19 with respect to the phaseout amounts), including an additional phaseout
 20 amount for a joint filer and inflation adjustment specified in such
 21 section of the internal revenue code for taxable years beginning in two
 22 thousand twenty-seven and thereafter.
 23 The applicable percentage shall be (i) seven and one-half percent for
 24 taxable years beginning in nineteen hundred ninety-four, (ii) ten
 25 percent for taxable years beginning in nineteen hundred ninety-five,
 26 (iii) twenty percent for taxable years beginning after nineteen hundred
 27 ninety-five and before two thousand, (iv) twenty-two and one-half
 28 percent for taxable years beginning in two thousand, (v) twenty-five

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05624-01-5

 S. 4425 2

 1 percent for taxable years beginning in two thousand one, (vi) twenty-
 2 seven and one-half percent for taxable years beginning in two thousand
 3 two, [and] (vii) thirty percent for taxable years beginning in two thou-
 4 sand three, (viii) thirty-five percent for taxable years beginning in
 5 two thousand twenty-seven, and (ix) forty percent for taxable years
 6 beginning in two thousand twenty-eight and thereafter. For taxable
 7 years beginning in two thousand twenty-seven and thereafter, in the case
 8 of an eligible individual with no qualifying children, the credit
 9 percentage shall be fifteen and three-tenths to determine the amount of
 10 the earned income tax credit referenced in section 32(b)(1) of the
 11 internal revenue code and the earned income amount and the phaseout
 12 amount of such individual shall be determined as if such earned income
 13 amount and phaseout amount as referenced in section 32(b)(2)(A) of the
 14 internal revenue code are equal to the amount allowed for an eligible
 15 individual with one qualifying child as such amounts are referenced