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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to establishing a cancer treatment credit
In Assembly Committee · Ways And Means · Sponsor Edward Ra
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 cancer treatment credit
Purpose
This bill is designed to allow individuals with cancer, or individuals whose child has cancer, to claim a tax credit for out of pocket expenses relating to treatment for said cancer.
Summary of provisions
Section one of this bill defines the individuals who qualify for this credit in Subdivision one, as individuals with cancer or whose dependent child(ren) have cancer.
Subdivision two of this bill lists the qualifying medical expenses that may be claimed as the credit.
Subdivision three of this bill sets a limit for the credit at five hundred dollars per qualifying individual with cancer.
Subdivision four of this bill defines the amount of this credit exceeding a qualifying taxpayer's tax for that taxable year to be an overpayment of tax to be credited or refunded in accordance with provisions of section six hundred and eighty-six of the tax law.
Section two of this bill provides that this act shall take effect immediately.
Justification
It is estimated that the number of individuals with cancer in New York is well over 800,000. Given New York's relatively high level of cancer incidence per capita, as well as New York's relatively low level of cancer deaths per capita and access to good healthcare, this estimate is most likely on the conservative end. Out of pocket expenses relating to cancer can accumulate in the thousands to tens of thousands of dollars per year which can financially devastate families and individuals of all socio-economic backgrounds. This will help alleviate the tremendous financial burden placed on top of families and individuals with cancer who already have to deal with the large psychological burdens that cancer places upon them.
Prior legislative history
None.
Fiscal impact
A reduction of state tax revenues by approximately 435 million dollars per year.
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.