What's happening
This bill allows New York taxpayers to split their income tax refunds into up to three designated bank accounts, including joint accounts.
Why it matters
Empowers taxpayers with greater control over their refunds. by allowing them to split a single tax refund into multiple (up to three) accounts, making it easier to allocate funds for different purposes such as savings, bill payments, or joint family expenses.
Facilitates modern financial management. by recognizing joint accounts and accounts held solely by a spouse, which is especially relevant for married couples filing jointly who may have complex household finances.
Supports financial inclusion and planning. by making it easier for taxpayers to direct refund money to various accounts, potentially helping those who share finances or who want to encourage saving and responsible money management.
Reduces administrative barriers. for taxpayers who previously had to deposit their entire refund into one account, possibly increasing convenience and reducing the need for later transfers (and associated fees or delays).
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Who cares
Headline styles
Split Tax Refunds Across Accounts
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Enacting clause stricken
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2359
2017-2018 Regular Sessions
IN ASSEMBLY
January 18, 2017
Introduced by M. of A. HEVESI -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to designated accounts for personal income tax refunds
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision (c) of section 3013 of the tax law, as added by chapter 479 of the laws of 2011, is amended to read as follows:
(c) (1) In the event that the commissioner elects to implement a program providing for payment of personal income tax refunds by prepaid debit card or direct deposit to [a] designated [account] accounts of the taxpayer, the department shall amend the forms used to file personal income tax returns to reflect, in the area designated for selection of options for processing of refunds, that the taxpayer has the option of receiving his or her tax refund by personal check and shall provide a box which the taxpayer may check to select that option.
(2) Designated accounts include but are not limited to, up to three accounts with financial institutions that have routing and account numbers and are held in the names of the taxpayer's spouse or joint account. Designated accounts held in one spouse's name may receive personal income tax refunds from a married filing joint return.
§ 2. This act shall take effect immediately, provided, however, that the amendments to subdivision (c) of section 3013 of the tax law made by section one of this act shall not affect the repeal of such section and shall be deemed repealed therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02013-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.