Bill > A05574

This bill amends the New York tax law to provide for the installment payment of the Earned Income Tax Credit (EITC). Under the new provisions, EITC payments of $200 or less will be made in a lump sum, while larger amounts will be paid in monthly installments. Specifically, EITC payments exceeding $200 but less than $2,400 will be paid in $200 monthly installments, with the remaining balance paid in the first month thereafter. EITC payments of $2,400 or more will be paid in equal monthly installments over 12 months. The bill aims to help low-income taxpayers receiving the EITC by providing them with a more manageable payment schedule, rather than a single lump-sum refund.