Bill > S03648

This bill modifies the New York State tax law to change how the Earned Income Tax Credit (EITC) is distributed to taxpayers. Currently, the EITC is typically paid as a lump sum, but this bill introduces a new installment payment structure based on the total credit amount. For credits of $200 or less, the full amount will continue to be paid in a single lump sum. For credits between $200 and $2,400, the taxpayer will receive $200 monthly payments, with any remaining balance paid in the final month. For credits of $2,400 or more, the total amount will be divided into 12 equal monthly payments. The purpose appears to be helping low-income workers by spreading out their tax credit over time, potentially providing more consistent financial support. The bill will take effect 120 days after becoming law, and the tax commissioner is authorized to create necessary regulations to implement these changes.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3648