Bill Text: NY S04352 | 2017-2018 | General Assembly | Amended
Bill Title: Grants personal income taxpayers with a credit of $1.00 per day for each day up to a maximum of seventy-five days after April 1 until the legislature enacts the state budget provided such taxpayer has timely filed his or her return.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-02-06 - PRINT NUMBER 4352A [S04352 Detail]
Download: New_York-2017-S04352-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4352--A 2017-2018 Regular Sessions IN SENATE February 10, 2017 ___________ Introduced by Sen. TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing for a personal income tax credit in the event of a tardy state budget The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (o-1) to read as follows: 3 (o-1) Tax credit in the event of an untimely budget. (1) A taxpayer, 4 who has filed a completed tax return on or before April fifteenth in any 5 year shall be entitled to a credit against the tax imposed by this arti- 6 cle, in an amount equal to one dollar per day for each day up to a maxi- 7 mum of seventy-five days after April first that the legislature fails to 8 pass those bills, with or without amendments, submitted to it by the 9 governor pursuant to section three of article seven of the constitution 10 making appropriations and reappropriations for the support of government 11 and constituting the state budget. 12 (2) If the amount of the credit allowable under this subsection for 13 any taxable year shall exceed the taxpayer's tax for such year, the 14 excess shall in any event be refunded and paid to such taxpayer in that 15 year in the same manner as an overpayment of tax is so refundable and 16 paid. 17 § 2. This act shall take effect immediately and shall apply to taxable 18 years beginning on and after January 1, 2019. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06357-02-8
