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NY S03508

Bill

Official Source

Status

Introduced

1/23/2017

Primary Sponsor

Jose Serrano

Click for details

Origin

Senate

2017-2018 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
  • Applies the increased 15 percent credit rate to taxable years beginning after January 1, 2018
  • Maintains the existing 5 percent credit for taxable years beginning after 2003 and before 2018
  • Authorizes cities with populations of one million or more to adopt the 15 percent credit through local legislative action
  • 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 CITIES

1/3/2018

Committee Referrals

Cities1/23/2017

Full Bill Text

No bill text available