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NY S06724
Bill
Status
9/18/2019
Primary Sponsor
Brian Benjamin
Click for details
AI Summary
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Establishes a refundable tax credit of up to $250 for qualified taxpayers who incur losses from wage or salary payment interruptions caused by payroll service companies or automated clearing house processors.
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Limits eligibility to New York residents with federal adjusted gross income up to $90,000 (single/head of household/qualifying widow(er)) or $180,000 (married filing jointly).
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Defines eligible losses as penalties and fees resulting from delayed or lost paychecks, including overdraft fees, late rent payments, and late loan payment penalties.
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Requires the tax commissioner to determine proof of claim and verify that losses result from specific wage payment interruptions.
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Applies to taxable years beginning January 1, 2019 and expires January 1, 2021, with any excess credit treated as an overpayment without interest.
Legislative Description
Provides that for taxable years beginning on or after January first, two thousand nineteen, a qualified taxpayer will be able to claim a refundable credit up to two hundred fifty dollars for eligible losses incurred from the interruption in the payment of their wages or salary due to an action by a payroll service company; defines terms; makes related provisions.
Last Action
COMMITTED TO RULES
12/28/2020