New York S 3648: Provides for the installment payment for the earned income credit

Bill Text

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S03648 Summary:

BILL NOS03648 

&nbsp

SAME ASNo Same As

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SPONSORMURRAY

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COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §686, Tax L

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Provides for the installment payment for the earned income credit.

Go to top S03648 Actions:

BILL NOS03648 

&nbsp

01/29/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03648 Committee&nbspVotes:

Go to topS03648 Floor&nbspVotes:

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

Go to topS03648 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3648

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. MURRAY -- 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 installment payment for the
 earned income credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 686 of the tax law is amended by adding a new
 2 subsection (j) to read as follows:
 3 (j) Earned income tax credit. An earned income tax credit pursuant to
 4 subsection (d) of section six hundred six of this article or an enhanced
 5 earned income tax credit pursuant to subsection (d-1) of section six
 6 hundred six of this article shall be paid to the taxpayer as follows:
 7 (i) for amounts equal to or less than two hundred dollars, the payment
 8 or refund shall be made in a lump sum, (ii) for amounts in excess of two
 9 hundred dollars and less than two thousand four hundred dollars, the
 10 payment or refund shall be two hundred dollars a month for the number of
 11 months equal to the total amount thereof divided by two hundred and
 12 rounded down to the nearest whole number, and the remaining balance of
 13 such payment or refund shall be made in the first month thereafter, and
 14 (iii) for amounts equal to or greater than two thousand four hundred
 15 dollars, the payment or refund shall be paid in equal monthly payments
 16 equal to the total amount thereof divided by twelve.
 17 § 2. This act shall take effect on the one hundred twentieth day after
 18 it shall have become a law. Effective immediately, the commissioner of
 19 taxation and finance is authorized to make any addition, amendment
 20 and/or repeal of any rule or regulation necessary for the implementation
 21 of this act on its effective date on or before such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07550-01-5

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