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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides earned income tax credit to youth workers, increases standard deduction for individuals 18 to 24, and provides for deduction of student loan interest
In Assembly Committee · Ways And Means · Sponsor Susan John
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
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
Purpose or general idea of the bill
To provide earned income tax credit to youth workers, increase the standard deduction for individuals 18 to 24, and provide for the deduction of student loan interest.
Summary of specific provisions
Section 1 amends Section 606 of the tax law by adding a new subsection d-2 creating the earned income tax credit for youth workers. The credit allowed is equal to that allowed to a taxpayer under section 32 of the internal revenue code. This section sets the qualifications the taxpayer must satisfy in order to be eligible for the credit.
Section 2 amends subsection a of section 614 of the tax law by providing a standard deduction of ten thousand dollars by a New York state resident who is between the ages of eighteen and twenty-four and setting other qualifications.
Section 3 adds a new subsection g to section 615 of the tax law by providing a deduction for interest paid on qualified education loans.
Section 4 is the effective date.
Justification
New York State tax law does not provide exemptions for young, independent adults ages 17-24. This age group is often ignored and left out of exemptions, left with lower income deduction rates and not provided the benefits on par with the Federal government on student-loan deductions. Our youngest population of adults deserves tax relief on the same level as the rest of our independent residents throughout the state. New York is dealing with an exodus of younger adults seeking greater economic opportunities in other states. Because of the loss in population, it is in the best interest of the state to try to assist these independent young workers and students and encourage them to stay in the state to be contributing members to New York State's improvement initiatives and economic growth.
Legislative history
A11826 of 2008: Referred Ways & Means
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2012 and shall expire and be deemed repealed December 31, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.