New York S04425 provides for the advance payment of the earned income tax credit to qualifying employees.

New York S04425 amends the tax law to allow the commissioner to prepay the earned income credit to qualifying employees. Four advance payments will be made, with the first three being 20% of the anticipated credit and the fourth adjusted to match the actual credit due. Payments will be made via direct deposit or electronic benefit transfer (EBT) card. The commissioner must notify taxpayers of the availability of these advance payments and provide information to tax preparers and accountants. The act applies to taxable years beginning on or after January 1, 2027.

New York S04425 provides for the advance payment of the earned income tax credit to qualifying employees.

New York S04425 amends the tax law to allow the commissioner to prepay the earned income credit to qualifying employees. Four advance payments will be made, with the first three being 20% of the anticipated credit and the fourth adjusted to match the actual credit due. Payments will be made via direct deposit or electronic benefit transfer (EBT) card. The commissioner must notify taxpayers of the availability of these advance payments and provide information to tax preparers and accountants. The act applies to taxable years beginning on or after January 1, 2027.