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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.
Clarifies the recordkeeping requirements for the earned income tax credit and the enhanced earned income tax credit
In Assembly Committee · Ways And Means · Sponsor Marcos Crespo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2166
Title of bill
An act to amend the tax law, in relation to clarifying the recordkeeping requirements for the earned income tax credit and the enhanced earned income tax credit
Purpose
This bill clearly delineates the record keeping requirements for any taxpayer paid principally in cash who is claiming the earned income tax credit or enhanced earned income tax credit.
Summary of provisions
Section 1. Adds a new paragraph 8 to subsection (d) of section 606 of the tax law (TAX) to provide that any taxpayer who receives more than fifty percent of his or her income in cash may follow the income documentation standards under § 658-a when claiming the earned income credit.
Section 2. Adds a new paragraph (9) to TAX § 606(d-1) to provide that any taxpayer who receives more than fifty percent of his or her income in cash may follow the income documentation standards under § 658-a when claiming the enhanced earned income credit.
Section 3. Adds a new § 658-a to the tax law establishing uniform standards for documenting cash earnings. Such documentation may include permanent books, accounts or records kept in a manner consistent with the recordkeeping practices of the industry in which the taxpayer works, signed statements from the taxpayer's employer stating hours worked and wages paid, financial institution statements demonstrating regular cash deposits, receipts from various work-related expenses, or a sworn affidavit from the taxpayer.
Section 4. Effective date.
Justification
There are examples of taxpayers who earn their wages predominantly in cash and who are eligible for and claim the Earned Income Tax Credit. The Department of Taxation and Finance denies many of the claims due to lack of sufficient income documentation, but approves other claims when the income documentation provided is equally scant. This bill will clearly set uniform standards that the Department of Taxation and Finance can rely on so that cash earners will know what income documentation methods are acceptable so that they may receive the earned income tax credit to which they are rightfully entitled.
Legislative history
2013-14: S1985-A/A2422-A - Investigations & Gov't Operations/Held in Ways & Means 2012: S7064/A9965 - Investigations & Government Operations/Ways & Means
Fiscal implications
To be determined.
Effective date
This act shall take effect on the one hundred twentieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.