 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1737
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 20, 2023
                                       ___________
 
        Introduced  by M. of A. GOODELL -- read once and referred to the Commit-
          tee on Ways and Means
 
        AN ACT to amend the tax law, in relation to installment payment for  the
          earned income credit
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 686 of the tax law  is  amended  by  adding  a  new
     2  subsection (j) to read as follows:
     3    (j) Earned income tax credit.  An earned income tax credit pursuant to
     4  subsection (d) of section six hundred six of this article or an enhanced
     5  earned  income  tax  credit  pursuant to subsection (d-1) of section six
     6  hundred six of this article shall be paid to the  taxpayer  as  follows:
     7  (i)  for  amounts equal to or less than two hundred dollars, the payment
     8  or refund shall be made in a lump sum, (ii) for amounts in excess of two
     9  hundred dollars and less than two thousand  four  hundred  dollars,  the
    10  payment or refund shall be two hundred dollars a month for the number of
    11  months  equal  to  the  total  amount thereof divided by two hundred and
    12  rounded down to the nearest whole number, and the remaining  balance  of
    13  such  payment or refund shall be made in the first month thereafter, and
    14  (iii) for amounts equal to or greater than  two  thousand  four  hundred
    15  dollars,  the  payment or refund shall be paid in equal monthly payments
    16  equal to the total amount thereof divided by twelve.
    17    § 2. This act shall take effect on the one hundred twentieth day after
    18  it shall have become a law. Effective immediately, the  commissioner  of
    19  taxation  and  finance  is  authorized  to  make any addition, amendment
    20  and/or repeal of any rule or regulation necessary for the implementation
    21  of this act on its effective date on or before such date.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06121-01-3
Provides for the installment payment for the earned income credit

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