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Sponsors
2 Co-sponsors
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2998
Title of bill
An act to amend the tax law, in relation to providing a tax credit to individuals for up to five hundred dollars of expenses not compensated by insurance for the purchase of a qualified hearing aid
Purpose or general idea of bill
The purpose of this legislation is to lower the cost of hearing aids and ensure that anyone who needs hearing aids is able to purchase them.
Summary of specific provisions
The legislation would provide a tax credit of up to $500 per hearing aid, available once every five years towards the purchase of a hearing aid(s) for any individual or those purchasing a hearing aid for a dependent if it is not covered by insurance or otherwise.
Justification
It is estimated that there are 28 million Americans with hearing loss. Included in this figure are 1 million children under the age of 18 with a diagnosed hearing loss who are not now using a hearing aid, and around 9.7 million Americans age 55 and over. While 95% of individuals with hearing loss could be successfully treated with hearing aids, only 22%(6.35 million Americans) currently use them according to the most recent 'MarkeTrak' report, the largest national consumer survey on hearing loss in America. Forty percent of individuals with hearing loss have incomes of less than $30,000 per year. A Department of Commerce study indicates that the overall family income of people with hearing loss is almost half that of the general population. Thirty percent of those with hearing loss cite financial constraints as a core reason they do not use hearing aids, according to a MarkeTrak report. The average cost for a hearing aid in 2002 was over $1,400, and almost 2/3 of individuals with hearing loss require two devices, thereby increasing the average out-of-pocket expense to over $2,800. This legislation is not intended to cover the full cost of hearing aids, but will simply provide some measure of financial assistance to individuals and families who are most in need of these devices but are unable to afford them.
Prior legislative history
2005-06: S.2630 Government Operations; 2007-08: S.289 Finance; 2009-10: S.786 Government Operations; 2011-12: S.3863 Government Operations 2013-14: S3936a Government Operations
Fiscal implications
This bill would create a nonrefundable credit of up to $500 under the personal income tax for expenses for the purchase of hearing aids not compensated by insurance.
Effective date
Immediately and will apply to taxable years beginning on and after the first of January next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.