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NY A09462
Bill
Status
3/7/2022
Primary Sponsor
Monica Wallace
Click for details
AI Summary
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Modifies the state income tax withholding option for unemployment insurance benefits to specify a flat 4% withholding rate instead of referencing tax schedules and regulations.
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Permits individuals to elect federal and/or state income tax withholding from unemployment benefits at the rates specified under federal law (26 U.S.C.A. 3402(p)(2)) and 4% for state tax.
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Allows individuals to change their previously elected withholding status at any time.
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Clarifies that even if an individual elects to have taxes withheld, additional tax may still be owed as required under tax law.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the election to have federal and/or state income tax deducted and withheld from an individual's unemployment insurance benefits.
Last Action
reported referred to ways and means
5/11/2022