What's happening
This bill creates a state income tax credit for health insurance premiums, capped at $2,400 annually.
Why it matters
Statewide tax relief. New York taxpayers could claim premiums they pay for coverage, up to $800 each for themselves and a spouse and $400 per dependent under 18.
No cash refund. The credit could not exceed income tax owed, but unused amounts could carry forward to future years.
Coverage limits and timing. The credit would apply starting with the 2019 tax year and exclude required payments for medical assistance under the federal Social Security Act.
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Who cares
Taxpayers paying health insurance premiums
They could reduce their state income tax bills based on eligible premium payments.
Families with children under 18
They could claim credits for dependent coverage, subject to the $2,400 annual household cap.
State tax administrators
They would administer a new credit and track unused amounts carried into later tax years.
Headline styles
Create Health Insurance Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
1 Multi-sponsor
History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1443
2019-2020 Regular Sessions
IN ASSEMBLY
January 15, 2019
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 nineteen, 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01023-01-9
A. 1443 2
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, 2019.
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.