What's happening
This bill creates a personal income tax credit for health insurance costs, with annual caps per taxpayer, spouse, and dependents.
Why it matters
Directly reduces the cost of health insurance for individuals and families. by allowing them to claim a credit for premiums paid, making private insurance more financially accessible for many New Yorkers.
Caps on credit amounts ($800 per taxpayer and spouse, $400 per dependent, up to $2,400 per year). may especially benefit middle-income households that do not qualify for other public assistance, but could leave higher-cost families or those with many dependents with uncovered expenses.
Unused credit amounts can be carried forward to future tax years. , which means if your health insurance costs exceed your tax liability in a given year, you can still benefit from the credit in subsequent years—offering longer-term financial relief.
Excludes payments made for publicly-funded medical assistance (like Medicaid). from eligibility, focusing the benefit on those paying out-of-pocket for private health coverage rather than those already receiving government aid.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Tax Credit for Health Insurance
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
1 Multi-sponsor
History
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
9762
IN ASSEMBLY
February 5, 2018
Introduced by M. of A. D. ROSENTHAL, MONTESANO, BRABENEC -- Multi-Sponsored by -- M. of A. CROUCH -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a personal income tax credit for the cost of health insurance
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (c-2) to read as follows:
(c-2) Health insurance credit. (1) For taxable years beginning on or after January first, two thousand seventeen, a taxpayer shall be allowed a credit, to be computed as provided in this subsection, against the tax imposed pursuant to section six hundred one of this part. 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 dependants. Such credit shall not exceed eight hundred dollars for the provision of health insurance for a taxpayer, eight hundred dollars for the provision of health insurance for a taxpayer's 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 dollars in any taxable year.
(2) The provisions of this subsection shall not apply to any payments required to be made for the provision of medical assistance pursuant to the federal Social Security Act.
(3) In no event shall the amount of the credit provided by this subsection exceed the taxpayer's tax for the taxable year. However, if the amount of credit otherwise allowable pursuant to this subsection for any taxable year results in such excess amount, any amount of credit not deductible in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
§ 2. This act shall take effect immediately and shall apply to taxable years commencing on and after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03482-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.