Bill > A02533

This bill amends the New York state tax law to provide for the advance payment of the earned income tax credit (EITC) to qualifying employees. The key provisions of the bill are: 1. It increases the EITC credit percentage to 35% for taxable years beginning in 2021 and 40% for 2022 and thereafter. It also expands eligibility for the EITC to individuals who are 19 years of age or older, rather than 25 years of age or older. 2. It establishes a system for the advance payment of the EITC, where qualifying employees can receive four advance payments throughout the tax year, with the final payment adjusted to match the actual credit due. Employees must provide an "earned income eligibility certificate" to their employer to receive the advance payments. 3. The bill requires the state tax department to notify taxpayers of the availability of the advance EITC payments, and to provide information about the program to tax preparers and organizations that assist individuals with tax preparation. The bill is intended to provide low-income workers with more timely access to the EITC, which can help them meet their financial needs throughout the year.