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- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Title of bill
An act to amend the tax law, in relation to providing a tax credit for the purchase of certain health insurance
Purpose
The purpose of this legislation is to provide tax credits for small businesses to encourage them to provide health insurance to their employees.
Summary of provisions
This bill amends sections 210, 606, 1456 and 1511 of the tax law to provide small businesses of fifty employees or less and individuals purchasing their own insurance a state tax credit equal to ten percent of the cost of health insurance premiums. The tax credits would be phased in over two years.
Existing law
Current law does not provide a tax credit to small businesses or individuals for the purchase of health insurance.
Justification
Individuals and employers are currently struggling with the skyrocketing cost of health insurance in New York inevitably, as health care costs increase, so do the number of uninsured in the state. There are already nearly 3 million New Yorkers without health insurance. and we can ill afford any more, Small business owners are struggling with rising health care costs, and are particularly burdened by the expense of providing health insurance to their employees. They are often forced to either shift more of the cost to employees, or to terminate benefits altogether. By giving tax credits to small businesses. we can reduce their financial burden and provide them with an incentive to purchase health insurance for their employees.
Legislative history
S.2968-A of 2008
Fiscal implications
To be determined.
Effective date
January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.