Bill > S06259

This bill amends the tax law and the administrative code of New York City to provide for the advance payment of the earned income credit to qualifying employees. The key provisions include: 1) Allowing the commissioner to prepay the earned income credit to eligible employees in four installments during the taxable year, with the final payment adjusted to match the actual credit due. 2) Requiring employees to submit an "earned income eligibility certificate" to certify their eligibility for the credit. 3) Mandating the commissioner to notify eligible taxpayers and provide information to tax preparers and organizations about the advance payment program. 4) Establishing a process to reconcile any excess advance payments with the employee's final tax liability. The bill will take effect one year after becoming law and apply to taxable years beginning on or after that date.