S T A T E   O F   N E W   Y O R K
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                                 4823--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 20, 2015
                               ___________

Introduced by Sen. PANEPINTO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations -- recommitted to the Committee on Investigations and
  Government Operations in accordance with Senate  Rule  6,  sec.  8  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the tax law, in relation to increasing the earned income
  tax credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  1  of subsection (d) of section 606 of the tax
law, as amended by section 1 of part Q of chapter  63  of  the  laws  of
2000, is amended to read as follows:
  (1)  General.  A taxpayer shall be allowed a credit as provided herein
equal to (i) the applicable  percentage  of  the  earned  income  credit
allowed  under  section  thirty-two of the internal revenue code for the
same taxable year, (ii) reduced by the credit permitted under subsection
(b) of this section.
  The applicable percentage shall be (i) seven and one-half percent  for
taxable  years  beginning  in  nineteen  hundred  ninety-four,  (ii) ten
percent for taxable years beginning  in  nineteen  hundred  ninety-five,
(iii)  twenty percent for taxable years beginning after nineteen hundred
ninety-five and  before  two  thousand,  (iv)  twenty-two  and  one-half
percent  for  taxable  years  beginning in two thousand, (v) twenty-five
percent for taxable years beginning in two thousand  one,  (vi)  twenty-
seven  and  one-half percent for taxable years beginning in two thousand
two, [and] (vii) thirty percent for taxable years beginning in two thou-
sand three AND  BEFORE  TWO  THOUSAND  SIXTEEN,  (VIII)  THIRTY-TWO  AND
ONE-HALF  PERCENT  FOR  TAXABLE YEARS BEGINNING IN TWO THOUSAND SIXTEEN,
AND (IX) THIRTY-FIVE PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND
SEVENTEEN and thereafter.  Provided,  however,  that  if  the  reversion

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08097-02-6
              

S. 4823--A                          2

event,  as  defined in this paragraph, occurs, the applicable percentage
shall be twenty percent for taxable years ending on or after the date on
which the reversion event occurred. The reversion event shall be  deemed
to  have occurred on the date on which federal action, including but not
limited to, administrative, statutory or regulatory changes,  materially
reduces  or eliminates New York state's allocation of the federal tempo-
rary assistance for needy families block grant,  or  materially  reduces
the ability of the state to spend federal temporary assistance for needy
families  block  grant  funds  for  the earned income credit or to apply
state general fund spending on  the  earned  income  credit  toward  the
temporary  assistance  for  needy  families  block  grant maintenance of
effort requirement, and the commissioner of the office of temporary  and
disability  assistance  shall  certify  the  date  of  such event to the
commissioner of taxation and finance, the director of  the  division  of
the  budget,  the speaker of the assembly and the temporary president of
the senate.
  S 2. This act shall take effect immediately.