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Sponsors
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History
- Referred to investigations and government operations
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law and the insurance law, in relation to providing a tax credit for the purchase of health insurance by qualified small employers
Purpose or general idea of bill
The purpose of this bill is to recompense small businesses for the cost of providing health care coverage to employees.
Summary of specific provisions
The bill amends various sections of the tax law to allow a qualified small employer a credit against the tax imposed under such section equal to twenty percent of the premium paid during the taxable year for health insurance by such employer. The bill defines "qualified small employer" as an individual proprietor who is the sole employee of the business or an employer with not more than 50 employees and who has an earned net income of not more than $290,000. An employer may not claim a tax credit if the employer is eligible for or participating in the small business health insurance subsidy program established in HCRA 2000.
The bill also requires that the superintendent of insurance study and issue a report on the impact of the health insurance tax credit and the small business health insurance subsidy program.
Justification
It is estimated that approximately 60% of small businesses in New York State offer their employees health care coverage. Employers who do offer coverage face annual premium increases of over ten percent. Employers who do not offer coverage cite the high cost as the primary reason for not providing coverage. Many businesses face the difficult decision of shifting more of the cost of coverage to employees or dropping coverage entirely. Employers who would like to offer coverage cannot afford it. It is the sponsors' intent to provide recompense to employers for the cost of health insurance and to provide an incentive to continue coverage.
Legislative history
S.7057 of 2000 A.7427/S.1532 of 2001-2002 A.1478B of 2003-2004 A.6134 of 2005-2006 A.4052 of 2007-2008 - Referred to Insurance
Fiscal implications
The fiscal impact is estimated to be $235 million.
Effective date
This act shall take effect on January 1, 2011 and would apply to taxable years commencing on and after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.