Senate Bill S5289

2021-2022 Legislative Session

Provides earned income tax credit to youth workers, increases standard deduction for individuals 18 to 24, and provides for deduction of student loan interest

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S5289 (ACTIVE) - Details

See Assembly Version of this Bill:
A1080
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606, 614 & 615, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4875
2011-2012: A5399
2013-2014: S5393, A2617
2015-2016: S3884, A7891
2017-2018: S3596, A2108
2019-2020: S4891, A1055
2023-2024: S6774, A477

2021-S5289 (ACTIVE) - Summary

Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.

2021-S5289 (ACTIVE) - Sponsor Memo

2021-S5289 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5289
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to providing an  earned  income
   tax  credit  to  youth  workers, increasing the standard deduction and
   providing for the deduction of student loan  interest;  and  providing
   for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (d-2) to read as follows:
   (D-2)  EARNED  INCOME  TAX  CREDIT  FOR  YOUTH WORKERS. (1) A TAXPAYER
 DESCRIBED IN PARAGRAPH TWO OF THIS SUBSECTION SHALL BE ALLOWED A  CREDIT
 EQUAL  TO  THE  PRODUCT  OF  ONE  AND THREE-TENTHS AND THE AMOUNT OF THE
 EARNED INCOME TAX CREDIT THAT WOULD HAVE BEEN ALLOWED  TO  THE  TAXPAYER
 UNDER  SECTION  32  OF  THE  INTERNAL  REVENUE CODE, IF THE TAXPAYER HAD
 ATTAINED THE MINIMUM AGE OF ELIGIBILITY FOR SUCH EARNED INCOME TAX CRED-
 IT SET FORTH IN SECTION  32(C)(1)(A)(II)(II)  OF  THE  INTERNAL  REVENUE
 CODE.
   (2)  TO  BE  ALLOWED  A  CREDIT UNDER THIS SUBSECTION, A TAXPAYER MUST
 SATISFY ALL OF THE FOLLOWING QUALIFICATIONS:
   (A) THE TAXPAYER MUST BE A RESIDENT TAXPAYER WHO IS NOT CLAIMED  AS  A
 DEPENDENT OF ANOTHER TAXPAYER.
   (B)  THE TAXPAYER MUST HAVE ATTAINED THE AGE OF SEVENTEEN AND MUST NOT
 HAVE ATTAINED THE MINIMUM AGE AT WHICH A TAXPAYER IS QUALIFIED  FOR  THE
 EARNED   INCOME  TAX  CREDIT  AS  SUCH  AGE  IS  SET  FORTH  IN  SECTION
 32(C)(1)(A)(II)(II) OF THE INTERNAL REVENUE CODE.
   (C) THE TAXPAYER MUST NOT BE THE CUSTODIAL OR NON-CUSTODIAL PARENT  OF
 A MINOR CHILD OR CHILDREN.
   (3) NOTHING IN THIS SECTION SHALL BE DEEMED TO PROHIBIT THE QUALIFICA-
 TIONS  OF A TAXPAYER WHO IS OTHERWISE ELIGIBLE FOR THE EARNED INCOME TAX
 CREDIT AND WHO IS ENROLLED IN A FULL-TIME OR PART-TIME ACADEMIC  PROGRAM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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