New York S05165 allows advance payments of the earned income credit to qualifying employees.
New York S05165 amends the tax law to allow advance payments of the earned income credit to qualifying employees. The commissioner of the department of taxation and finance will provide these pre-payments, which will be made in four installments. The first three payments will be 20% of the anticipated credit, and the fourth will be adjusted to match the actual credit due. The commissioner will also notify qualifying employees about the availability of these advance payments.
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