New York A 2498: Establishes terms of members of the board of the New York state thruway authority

Bill Text

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A02498 Summary:

BILL NOA02498 

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SAME ASSAME AS S06839

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SPONSORRa

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COSPNSRJensen, Gandolfo, Maher, Slater, Bendett, Blankenbush, Manktelow, Smullen, Angelino, Miller, Chang,
 Lemondes, McDonough, Brabenec, Tannousis, Morinello, DeStefano, Tague, Simpson, Palmesano, Walsh,
 Beephan, Bologna, Norber, Chludzinski, Brook-Krasny, Sempolinski

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MLTSPNSR

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Amd §606, Tax L

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Increases the earned income tax credit for taxable years beginning in 2025.

Go to top A02498 Actions:

BILL NOA02498 

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01/17/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02498 Committee&nbspVotes:

Go to topA02498 Floor&nbspVotes:

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

Go to topA02498 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2498

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

 Introduced by M. of A. RA, JENSEN, GANDOLFO, MAHER, SLATER, BENDETT,
 BLANKENBUSH, MANKTELOW, SMULLEN, ANGELINO, MILLER, CHANG, LEMONDES,
 McDONOUGH, BRABENEC, TANNOUSIS, MORINELLO, DeSTEFANO, TAGUE, SIMPSON,
 PALMESANO, WALSH, BEEPHAN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to increasing 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 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.
 9 The applicable percentage shall be (i) seven and one-half percent for
 10 taxable years beginning in nineteen hundred ninety-four, (ii) ten
 11 percent for taxable years beginning in nineteen hundred ninety-five,
 12 (iii) twenty percent for taxable years beginning after nineteen hundred
 13 ninety-five and before two thousand, (iv) twenty-two and one-half
 14 percent for taxable years beginning in two thousand, (v) twenty-five
 15 percent for taxable years beginning in two thousand one, (vi) twenty-
 16 seven and one-half percent for taxable years beginning in two thousand
 17 two, [and] (vii) thirty percent for taxable years beginning in two thou-
 18 sand three, and (viii) forty-five percent for taxable years beginning in
 19 two thousand twenty-five and thereafter. Provided, however, that if the
 20 reversion event, as defined in this paragraph, occurs, the applicable
 21 percentage shall be twenty percent for taxable years ending on or after
 22 the date on which the reversion event occurred. The reversion event

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05758-01-5

 A. 2498 2

 1 shall be deemed to have occurred on the date on which federal action,
 2 including but not limited to, administrative, statutory or regulatory
 3 changes, materially reduces or eliminates New York state's allocation of
 4 the federal temporary assistance for needy families block grant, or
 5 materially reduces the ability of the state to spend federal temporary
 6 assistance for needy families block grant funds for the earned income
 7 credit or to apply state general fund spending on the earned income
 8 credit toward the temporary assistance for needy families block grant
 9 maintenance of effort requirement, and the commissioner of the office of
 10 temporary and disability assistance shall certify the date of such event
 11 to the commissioner of taxation and finance, the director of the divi-
 12 sion of the budget, the speaker of the assembly and the temporary presi-
 13 dent of the senate.
 14 § 2. Subsection (d) of section 606 of the tax law is amended by adding
 15 a new paragraph 9 to read as follows:
 16 (9) For taxable years beginning on or after January first, two thou-
 17 sand twenty-five, an earned income tax credit pursuant to this section
 18 or an enhanced earned income tax credit pursuant to subse