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NY S01432

Bill

Official Source

Status

Introduced

1/12/2021

Primary Sponsor

Jose Serrano

Click for details

Origin

Senate

2021-2022 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 under Internal Revenue Code Section 32
  • Changes apply to taxable years beginning after January 1, 2022
  • Amends both the administrative code of the city of New York (Section 11-1706) and the New York State tax law (Section 1310)
  • Applies to any city with a population of one million or more that adopts a local law to implement the credit

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

1/5/2022

Committee Referrals

Cities 11/12/2021

Full Bill Text

No bill text available