Bill > A05577

This bill amends the New York tax law to provide for the advance payment of the earned income tax credit (EITC) to qualifying employees. The key provisions include: 1. Increasing the EITC phaseout amount to $24,960 for taxable years beginning in 2025 and thereafter, and allowing for inflation adjustments to this amount. 2. Extending EITC eligibility to individuals who have attained 19 years of age, rather than 25 years of age, and to individuals over the age of 65. 3. Establishing a process for the Commissioner of Taxation and Finance to provide advance payments of the EITC to qualifying employees, with four payments per year and a final adjustment to match the actual credit due. 4. Requiring the Commissioner to notify taxpayers and provide information to tax preparers and organizations about the availability of the EITC advance payments. 5. Coordinating the advance payments with the annual tax filing process to ensure any overpayments are accounted for. The bill is intended to provide low-income workers with more timely access to the EITC, which can help improve their financial stability and well-being.