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NY S08207

Bill

Official Source

Status

Introduced

10/24/2016

Primary Sponsor

Jose Serrano

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Increases the New York City earned income tax credit from 5 percent to 15 percent of the federal earned income credit allowed under Internal Revenue Code section 32
  • The increased 15 percent credit applies to taxable years beginning after January 1, 2017
  • Amends both the administrative code of the city of New York and the state tax law to implement the higher credit rate
  • The existing 5 percent credit remains in effect for taxable years beginning after 2003 and before 2018
  • Takes effect immediately upon enactment

Legislative Description

Increases the earned income tax credit in the city of New York from five to fifteen percent.

Last Action

REFERRED TO RULES

10/24/2016

Committee Referrals

Rules10/24/2016

Full Bill Text

No bill text available