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A05323 Summary:

A05323 Text:

 
                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.
                                                                   LBD08059-01-9
        A. 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.