Bill Text: NY A11111 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes a tax credit of $500 for taxpayers who received unemployment insurance benefits during the COVID-19 pandemic.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-11-06 - referred to ways and means [A11111 Detail]

Download: New_York-2019-A11111-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          11111

                   IN ASSEMBLY

                                    November 6, 2020
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Reilly) --
          read once and referred to the Committee on Ways and Means

        AN ACT to amend the tax law, in relation to establishing  a  tax  credit
          for  taxpayers who received unemployment insurance benefits during the
          COVID-19 pandemic

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

     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (kkk) to read as follows:
     3    (kkk) COVID-19 unemployment benefits credit. (1) General. A qualifying
     4  individual taxpayer shall be allowed a credit for taxable  years  begin-
     5  ning  on  or  after  January  first, two thousand twenty against the tax
     6  imposed by this article to offset taxes paid on the receipt of unemploy-
     7  ment insurance benefits during the COVID-19 covered period.  The  amount
     8  of such credit shall be five hundred dollars.
     9    (2) Definitions. For the purposes of this subsection:
    10    (A) The term "qualifying individual taxpayer" shall mean an individual
    11  taxpayer  who received unemployment insurance benefits pursuant to arti-
    12  cle eighteen of the labor law during the COVID-19 covered period.
    13    (B) The term "COVID-19 covered period" shall mean March twentieth, two
    14  thousand twenty until the date on which  none  of  the  provisions  that
    15  closed or otherwise restricted public or private businesses or places of
    16  public  accommodation,  or  required postponement or cancellation of all
    17  non-essential gatherings of individuals of any size for  any  reason  in
    18  executive  order  202.3,  202.4,  202.5,  202.6,  202.7,  202.8, 202.10,
    19  202.11, 202.13 or 202.14, as extended by  executive  orders  202.28  and
    20  202.31  and as further extended by any future executive order, issued in
    21  response to the COVID-19 pandemic continue to apply.
    22    (3) Application of credit. If the amount of the credit  allowed  under
    23  this subsection for any taxable year exceeds the taxpayer's tax for such
    24  year, the excess will be treated as an overpayment of tax to be credited
    25  or  refunded  in  accordance  with the provisions of section six hundred
    26  eighty-six of this article, provided, however, that no interest will  be
    27  paid thereon.
    28    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD17443-01-0
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