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Who cares
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Sponsors
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History
- Reported and committed to finance
- Referred to investigations and government operations
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, in relation to establishing a personal income tax credit for the cost of health insurance
Purpose or general idea of bill
To permit a personal income tax credit for health insurance premiums paid by a taxpayer.
Summary of specific provisions
A taxpayer shall be allowed a credit, to be computed as provided in this section against the tax imposed. The amount of the credit shall be the amount of premiums paid by the taxpayer or taxpayers filing jointly for the provision of health insurance for the taxpayer, his or her Spouse and dependents. Such a credit shall not exceed eight hundred dollars for the provisions of health insurance for a taxpayers spouse, and four hundred dollars for the provision of health insurance for each dependent under the age of eighteen years. The total credit authorized pursuant to this subsection shall not exceed two thousand four hundred in any taxable year. The provisions shall not apply to any payments required to be made for the provision of medical assistance pursuant to the federal Social Security Act.
Justification
Large and small families in New York State are under a heavy burden to pay for health insurance and their premiums. With healthcare costs on the increase, this credit will ease that burden placed on the families in 'New York State and freeing up some capital for other necessities.
Legislative history
This is a new bill.
Fiscal implications
EFFECTIVE DATE : This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.