Bill
Bill > A01080
NY A01080
NY A01080Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.
summary
Introduced
01/07/2021
01/07/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to providing an earned income tax credit to youth workers, increasing the standard deduction and providing for the deduction of student loan interest; and providing for the repeal of such provisions upon expiration thereof
AI Summary
This bill proposes several tax-related provisions:
1) It creates an earned income tax credit for youth workers aged 17 to the minimum age for the federal earned income tax credit, provided they are not dependents or parents of minor children. This credit would be 1.3 times the federal earned income tax credit.
2) It increases the New York State standard deduction to $10,000 for individuals aged 18 to 24, starting in 2022.
3) It allows New York residents to deduct student loan interest, as provided under Section 221 of the Internal Revenue Code, starting in 2022.
These provisions are set to expire and be repealed on December 31, 2029.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
referred to ways and means (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A1080 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A01080&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A01080 |
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