STATE OF NEW YORK ________________________________________________________________________ 5564 2017-2018 Regular Sessions IN SENATE April 12, 2017 ___________ Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to increasing the earned income tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 1 of subsection (d) of section 606 of the tax 2 law, as amended by section 1 of part Q of chapter 63 of the laws of 3 2000, is amended to read as follows: 4 (1) General. A taxpayer shall be allowed a credit as provided herein 5 equal to (i) the applicable percentage of the earned income credit 6 allowed under section thirty-two of the internal revenue code for the 7 same taxable year, (ii) reduced by the credit permitted under subsection 8 (b) of this section. 9 The applicable percentage shall be (i) seven and one-half percent for 10 taxable years beginning in nineteen hundred ninety-four, (ii) ten 11 percent for taxable years beginning in nineteen hundred ninety-five, 12 (iii) twenty percent for taxable years beginning after nineteen hundred 13 ninety-five and before two thousand, (iv) twenty-two and one-half 14 percent for taxable years beginning in two thousand, (v) twenty-five 15 percent for taxable years beginning in two thousand one, (vi) twenty- 16 seven and one-half percent for taxable years beginning in two thousand 17 two, [and] (vii) thirty percent for taxable years beginning in two thou- 18 sand three and before two thousand eighteen, (viii) thirty-two and one- 19 half percent for taxable years beginning in two thousand eighteen, and 20 (ix) thirty-five percent for taxable years beginning in two thousand 21 nineteen and thereafter. Provided, however, that if the reversion event, 22 as defined in this paragraph, occurs, the applicable percentage shall be 23 twenty percent for taxable years ending on or after the date on which 24 the reversion event occurred. The reversion event shall be deemed to EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05721-02-7

S. 5564 2 1 have occurred on the date on which federal action, including but not 2 limited to, administrative, statutory or regulatory changes, materially 3 reduces or eliminates New York state's allocation of the federal tempo- 4 rary assistance for needy families block grant, or materially reduces 5 the ability of the state to spend federal temporary assistance for needy 6 families block grant funds for the earned income credit or to apply 7 state general fund spending on the earned income credit toward the 8 temporary assistance for needy families block grant maintenance of 9 effort requirement, and the commissioner of the office of temporary and 10 disability assistance shall certify the date of such event to the 11 commissioner of taxation and finance, the director of the division of 12 the budget, the speaker of the assembly and the temporary president of 13 the senate. 14 § 2. This act shall take effect immediately.