What's happening
This bill creates a $1,000 tax credit for New Yorkers who donate COVID-19 convalescent plasma in 2020.
Why it matters
Creates a direct financial incentive for recovered COVID-19 patients to donate plasma. , potentially increasing the supply of convalescent plasma for medical research and treatment during the pandemic.
Targets a specific timeframe (the 2020 tax year),. making it a time-sensitive response to an urgent public health need, which could accelerate donations when they are most needed.
Makes the credit refundable,. meaning donors receive the full $1,000 benefit even if their tax liability is less than that amount, thereby increasing the practical value of the incentive for lower-income New Yorkers.
Requires donors to provide proof of donation to claim the credit,. helping to ensure that the tax benefit is only given to those who actually contribute plasma, thus maintaining program integrity.
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Who cares
Headline styles
Plasma Donation Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to budget and revenue
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8186
IN SENATE
April 13, 2020
Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to establishing a COVID-19 convalescent plasma donation tax credit
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 (kkk) to read as follows:
(kkk) COVID-19 convalescent plasma donation credit. (1) A taxpayer who donates COVID-19 convalescent plasma to a clinical laboratory or blood bank that has been issued a valid permit as provided in section five hundred seventy-five of the public health law for the purposes of medical research and/or the treatment of patients with COVID-19 shall be allowed a credit as hereinafter provided, against the tax imposed by this article for the taxable year beginning January first, two thousand twenty. The amount of such credit shall be one thousand dollars. For the purposes of this subsection, "COVID-19 convalescent plasma" means blood plasma collected from an individual who has contracted and recovered from COVID-19.
(2) If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
(3) The commissioner may require a qualified taxpayer to furnish proof of his or her donation of COVID-19 convalescent plasma in support of his or her claim for credit under this subsection.
§ 2. This act shall take effect immediately and shall apply to the taxable year beginning on January 1, 2020.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16085-01-0
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing a COVID-19 convalescent plasma donation tax credit
Summary of specific provisions
Section 1 of the bill amends section 606 of the Tax Law by creating a new subsection (kkk) entitled "COVID-19 Convalescent Plasma Donation Credit." The new subsection (kkk) provides a refundable New York State personal income tax credit for tax year 2020 of $1,000 for individuals who have recovered from COVID-19 and donate their blood plasma for the purposes of medical research and/or the treatment of patients who are currently suffering from COVID-19.
Section 2 of the bill is the effective date.
Justification
Passive immunization is a technique to achieve immediate short-term immunization against infectious agents by administering pathogen-specif- ic antibodies. First, convalescent plasma is obtained by collecting blood from a patient who has survived a previous infection and developed an immunity against the pathogen responsible for the disease in ques- tion. Blood plasma, which contains antibodies, is separated from other blood cells and then a transfusion of the convalescent plasma to an infected patient, helps neutralize the pathogen and optimally leads to its eradication from the patient's blood circulation. Use of convales- cent plasma has been studied in outbreaks of other respiratory infections, including the 2009-2010 H1N1 influenza virus pandemic, 2003 SARS CoV-1 epidemic, and the 2012 MERS-CoV epidemic.
In March 2020, the FDA announced it is exploring an investigational treatment for COVID-19 that involves the use of convalescent plasma collected from recovered COVID-19 patients. Given the public health emergency that the extant COVID-19 outbreak presents, while clinical trials are being conducted, the FDA is facilitating access to COVID-19 convalescent plasma for use in patients with serious or immediately life-threatening COVID-19 infections.
While researchers around the clock to develop an effective and safe vaccine for COVID-19, New York should encourage COVID-19 survivors to donate convalescent plasma that can be used for short-term treatment of sick patients and longer-term research.
Prior legislative history
None, new bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to the taxable year beginning on January 1, 2020.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.