Bill > S06331

This bill amends the New York tax law to provide for the installment payment of the Earned Income Tax Credit (EITC) and Enhanced EITC. For amounts up to $200, the payment or refund will be made in a lump sum. For amounts between $200 and $2,400, the payment or refund will be made in $200 monthly installments, with the remaining balance paid in the first month thereafter. For amounts $2,400 or greater, the payment or refund will be made in equal monthly installments over 12 months. The bill will take effect 120 days after becoming law, and the Commissioner of Taxation and Finance is authorized to make any necessary rules and regulations for its implementation.