Bill Text: NY A05323 | 2019-2020 | General Assembly | Introduced
Bill Title: Authorizes and directs the commissioner of taxation and finance to conduct a feasibility and impact study on monthly payments of the earned income tax credit; provides for the installment payment for the earned income credit.
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Introduced - Dead) 2020-07-06 - enacting clause stricken [A05323 Detail]
Download: New_York-2019-A05323-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5323 2019-2020 Regular Sessions IN ASSEMBLY February 8, 2019 ___________ Introduced by M. of A. CRESPO -- Multi-Sponsored by -- M. of A. ARROYO, DAVILA, GOODELL, PICHARDO, RAMOS, RIVERA, RODRIGUEZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to installment payments for the earned income credit; and to authorize and direct the commissioner of taxation and finance to conduct a feasibility and impact study on monthly payments 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. The commissioner of taxation and finance is hereby author- 2 ized and directed to study and report on the feasibility and impact of 3 using an installment payment plan for earned income credits. Such 4 commissioner shall include in the study and subsequent report a detailed 5 analysis of a plan where an earned income tax credit pursuant to 6 subsection (d) of section 606 of the tax law or an enhanced earned 7 income tax credit pursuant to subsection (d-1) of section 606 of the tax 8 law is distributed to the taxpayer as follows: (i) for amounts equal to 9 or less than two hundred dollars, the payment or refund shall be made in 10 a lump sum, (ii) for amounts in excess of two hundred dollars and less 11 than two thousand four hundred dollars, the payment or refund shall be 12 two hundred dollars a month for the number of months equal to the total 13 amount thereof divided by two hundred and rounded down to the nearest 14 whole number, and the remaining balance of such payment or refund shall 15 be made in the first month thereafter, and (iii) for amounts equal to or 16 greater than two thousand four hundred dollars, the payment or refund 17 shall be paid in equal monthly payments equal to the total amount there- 18 of divided by twelve. The commissioner of taxation and finance shall 19 prepare a report on his or her findings to be submitted to the temporary 20 president of the senate, the speaker of the assembly and the chairs of 21 the assembly ways and means committee and the senate finance committee 22 within 180 days after the effective date of this act. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08059-01-9A. 5323 2 1 § 2. Section 686 of the tax law is amended by adding a new subsection 2 (j) to read as follows: 3 (j) Earned income tax credit.-- An earned income tax credit pursuant 4 to subsection (d) of section six hundred six of this article or an 5 enhanced earned income tax credit pursuant to subsection (d-1) of 6 section six hundred six of this article shall be paid to the taxpayer as 7 follows: (i) for amounts equal to or less than two hundred dollars, the 8 payment or refund shall be made in a lump sum, (ii) for amounts in 9 excess of two hundred dollars and less than two thousand four hundred 10 dollars, the payment or refund shall be two hundred dollars a month for 11 the number of months equal to the total amount thereof divided by two 12 hundred and rounded down to the nearest whole number, and the remaining 13 balance of such payment or refund shall be made in the first month ther- 14 eafter, and (iii) for amounts equal to or greater than two thousand four 15 hundred dollars, the payment or refund shall be paid in equal monthly 16 payments equal to the total amount thereof divided by twelve. 17 § 3. This act shall take effect immediately; provided, however, that 18 section two of this act shall take effect one year after it shall have 19 become a law. Effective immediately, the commissioner of taxation and 20 finance is authorized to make any addition, amendment and/or repeal of 21 any rule or regulation necessary for the implementation of this act on 22 its effective date on or before such date.