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