Bill Text: NY A09699 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes a childcare advance which enables certain taxpayers to defer payment of a portion of their tax liability.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-04-05 - referred to ways and means [A09699 Detail]

Download: New_York-2015-A09699-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9699
                   IN ASSEMBLY
                                      April 5, 2016
                                       ___________
        Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law, in relation  to  establishing  a  childcare
          advance  which enables certain taxpayers to defer payment of a portion
          of their tax liability
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. The tax law is amended by adding a new section 608 to read
     2  as follows:
     3    § 608. Childcare advance. (a) Beginning in the tax year  two  thousand
     4  sixteen,  any  resident taxpayer who, in a taxable year, has "employment
     5  related expenses" as  defined  in  the  Internal  Revenue  Code  Section
     6  21(b)(2)  for  a  dependent  under age five and would be eligible to use
     7  those expenses as the basis for  calculating  a  credit  under  internal
     8  revenue  code Section 21 (without regard to whether the taxpayer in fact
     9  claimed the credit under such section for such taxable year), may  defer
    10  payment  of their tax liability for that taxable year under this article
    11  by the amount of those expenses but not to exceed two thousand dollars.
    12    (b) Any taxpayer who defers tax liability  under  subdivision  (a)  of
    13  this  section shall be liable: (i) once the taxpayer is no longer taking
    14  the deferral, for the full amount previously deferred divided into equal
    15  payments over ten years, except  that  (ii)  in  any  future  years  the
    16  taxpayer  takes the deferral, that taxpayer is liable only for one-tenth
    17  of each deferral taken five or more years  prior  until  each  of  those
    18  deferrals  is  repaid.  At  no  point  shall  the taxpayer be liable for
    19  amounts previously repaid.  Repayment shall be made without interest.
    20    (c) Any taxpayer who defers tax liability  under  subdivision  (a)  of
    21  this section, and who moves to a residence outside the state of New York
    22  in  a  state, territory or country which does not maintain effective and
    23  applicable reciprocity with the state of New York, shall be  liable  for
    24  the  entire  amount deferred on the tax filing for the tax year in which
    25  such change of residence occurs, but subject to approval of the  depart-
    26  ment  shall  be  directed to repay that liability through a payment plan
    27  approved by the department.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13881-01-6