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NY S02431
Bill
Status
1/24/2019
Primary Sponsor
Jose Serrano
Click for details
AI Summary
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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 for taxable years beginning after January 1, 2021
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Authorizes any city with a population of one million or more to adopt local laws granting the same 15 percent earned income tax credit for taxable years beginning after January 1, 2021
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Amends both the Administrative Code of the City of New York and the State Tax Law to implement the increased credit percentages
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2021
Legislative Description
Increases the earned income tax credit in the city of New York from five to fifteen percent.
Last Action
PRINT NUMBER 2431A
2/4/2020