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Bill > A05442
NY A05442
NY A05442Relates to calculation of the earned income credit for taxable years beginning in 2024, provides the applicable percentage shall be 45%.
summary
Introduced
03/10/2023
03/10/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to calculation of the earned income credit
AI Summary
This bill amends the tax law to increase the applicable percentage for calculating the earned income credit (EIC) to 45% for taxable years beginning in 2024 and thereafter. The EIC is a refundable tax credit that reduces the amount of income tax owed by low- and moderate-income individuals and families. The current applicable percentage ranges from 7.5% to 30%, with the proposed change raising it to 45% starting in 2024.
Committee Categories
Budget and Finance
Sponsors (17)
Will Barclay (R)*,
Keith Brown (R)*,
Joe Angelino (R),
Ken Blankenbush (R),
Karl Brabenec (R),
Joe DeStefano (R),
Jeff Gallahan (R),
Steve Hawley (R),
Josh Jensen (R),
Brian Manktelow (R),
Brian Miller (R),
Mike Norris (R),
Phil Palmesano (R),
Ed Ra (R),
Matt Simpson (R),
Doug Smith (R),
Mary Beth Walsh (R),
Last Action
referred to ways and means (on 01/03/2024)
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/2023/A5442 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05442&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05442 |
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