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NY A11111

Bill

Official Source

Status

Introduced

11/6/2020

Primary Sponsor

Michael Reilly

Click for details

Origin

Assembly

2019-2020 General Assembly

AI Summary

  • Allows individual taxpayers who received unemployment insurance benefits under New York Labor Law Article 18 during the COVID-19 covered period to claim a $500 tax credit against state income tax
  • Defines "COVID-19 covered period" as March 20, 2020 through the date when executive orders 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.10, 202.11, 202.13, and 202.14 (as extended) no longer apply
  • Applies to taxable years beginning on or after January 1, 2020
  • Excess credit amounts that exceed a taxpayer's tax liability will be treated as overpayments and refunded, but without interest
  • Takes effect immediately upon enactment

Legislative Description

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

Last Action

referred to ways and means

11/6/2020

Committee Referrals

Ways and Means11/6/2020

Full Bill Text

No bill text available