New York A 6000: Provides for the advance payment of the earned income tax credit

Bill Text

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A06000 Summary:

BILL NOA06000 

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SAME ASSAME AS S04425

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SPONSORSimon

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COSPNSRHevesi, Stern, Jackson, Burdick, Lunsford, Dinowitz, Lupardo, Bronson, Gallagher, Gonzalez-Rojas,
 Forrest, Cruz, Clark, Meeks, Glick, Ramos, Mitaynes, Kelles, Rivera, Seawright, Stirpe, Levenberg,
 Santabarbara, Epstein, Reyes, McDonald

&nbsp

MLTSPNSR

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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 A06000 Actions:

BILL NOA06000 

&nbsp

02/25/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA06000 Committee&nbspVotes:

Go to topA06000 Floor&nbspVotes:

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

Go to topA06000 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6000

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 25, 2025
 ___________

 Introduced by M. of A. SIMON, HEVESI, STERN, JACKSON, BURDICK, LUNSFORD,
 DINOWITZ, LUPARDO, BRONSON, GALLAGHER, GONZALEZ-ROJAS, FORREST, CRUZ,
 CLARK, MEEKS, GLICK, RAMOS, MITAYNES, KELLES, RIVERA, SEAWRIGHT,
 STIRPE, LEVENBERG, SANTABARBARA, EPSTEIN, REYES -- 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:

 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.

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

 A. 6000 2

 1 The applicable percentage shall be (i) seven and one-half percent for
 2 taxable years beginning in nineteen hundred ninety-four, (ii) ten
 3 percent for taxable years beginning in nineteen hundred ninety-five,
 4 (iii) twenty percent for taxable years beginning after nineteen hundred
 5 ninety-five and before two thousand, (iv) twenty-two and one-half
 6 percent for taxable years beginning in two thousand, (v) twenty-five
 7 percent for taxable years beginning in two thousand one, (vi) twenty-
 8 seven and one-half percent for taxable years beginning in two thousand
 9 two, [and] (vii) thirty percent for taxable years beginning in two thou-
 10 sand three, (viii) thirty-five percent for taxable years beginning in
 11 two thousand twenty-seven, and (ix) forty percent for taxable years
 12 beginning in two thousand twenty-eight and thereafter. For taxable
 13 years beginning in two thousand twenty-seven and thereafter, in the case
 14 of an eligible individual with no qualifying children, the credit
 15 percentage shall be fifteen and three-tenths to determine the amount of
 16 the earned income tax