What's happening
This bill allows New York residents to fully deduct health insurance premiums from their federal adjusted gross income for state tax purposes.
Why it matters
Directly reduces taxable income for New Yorkers. by allowing residents to subtract the full cost of their health insurance premiums from their state taxable income, potentially lowering their overall state tax bill.
Makes health insurance more affordable in practice. by effectively lowering the after-tax cost of premiums, the bill could ease the financial burden for individuals and families who purchase their own insurance.
Benefits those who do not get employer-subsidized health coverage. the most, such as self-employed individuals, freelancers, or early retirees, who often pay higher out-of-pocket premiums.
May incentivize higher health insurance enrollment. among residents who previously found premiums too expensive, possibly leading to broader coverage and improved public health outcomes.
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Who cares
Headline styles
Deduct Health Insurance Premiums
Plain English, a few words. Used as the page title.
Sponsors
4 Co-sponsors
1 Multi-sponsor
History
- Held for consideration in ways and means
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5543
2019-2020 Regular Sessions
IN ASSEMBLY
February 13, 2019
Introduced by M. of A. MANKTELOW, BRABENEC, DeSTEFANO -- Multi-Sponsored by -- M. of A. McDONOUGH -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a deduction from federal adjusted gross income to resident individuals for health insurance premiums
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subsection (d) of section 615 of the tax law is amended by adding a new paragraph 1-a to read as follows:
(1-a) an amount equal to one hundred percent of the costs of medical insurance premiums expended by a taxpayer during the taxable year;
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to taxable years commencing on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08939-01-9
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.