What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the administrative code of the city of New York and the tax law, in relation to the earned income tax credit
Purpose or general idea of bill
This bill would increase the earned income tax credit against the city of New York's personal income tax from five to fifteen percent
Summary of specific provisions
-Amends the administrative code of the city of New York to specify that beginning in the taxable year of 2017, a credit against the city personal income tax equal to fifteen percent of the Earned Income Tax Credit (EITC) shall be allowed under section thirty-two of the internal revenue code.
-Amends the tax law to specify that beginning in the taxable year of 2017, a credit against the city personal income tax equal to fifteen percent of the Earned Income Tax Credit shall be allowed under section thirty-two of the internal revenue code.
Justification
The EITC is a refundable tax credit for low to moderate income working individuals designed to incentivize employment by offsetting federal, state and city taxes. The EITC is one of the government's best tools in fighting poverty. The EITC has proven to help reduce poverty, promote employment, and ensure families can pay their bills. Studies have shown that the EITC not only helps stimulate the local economy and reduce poverty, but also has ancillary benefits like increased academic achievement and improving the public health.
Recently, New York City Comptroller Scott M. Stringer, issued a report detailing the effects of tripling New York City's portion of the EITC. Among the report's findings were that a fifteen percent EITC in New York City would lift 15,000 additional families out of poverty, raise the incomes of millions more working individuals, and effectively eliminate City income tax for nearly 6,000 New Yorkers.
Approximately, 1 in 5 New Yorkers claim the EITC. That number rises in certain areas like the Bronx, where more than one-third of residents claim the EITC. By tripling the EITC we have the opportunity to inject millions of dollars into the local economy, and help millions living near the poverty line put food on the table, repay debt, build savings, invest in their homes, pay for education and plan for their future.
Prior legislative history
This is a new bill.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.