New York State Assembly

Bill No.:  

 
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A01048 Summary:

BILL NO	A01048
SAME AS	No Same As
SPONSOR	Ramos
COSPNSR
MLTSPNSR
Amd §615, Tax L
Provides for an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.

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A01048 Actions:

BILL NO	A01048
01/08/2025	referred to ways and means

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A01048 Committee Votes:

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A01048 Floor Votes:

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A01048 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1048
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     January 8, 2025
                                       ___________
 
        Introduced  by M. of A. RAMOS -- read once and referred to the Committee
          on Ways and Means
 
        AN ACT to amend the tax law, in relation to providing for  an  increased
          state personal income tax deduction for medical expenses
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subsection (d) of section 615 of the tax law is amended  by
     2  adding a new paragraph 2-a to read as follows:
     3    (2-a) for taxable years beginning on or after January first, two thou-
     4  sand  twenty-five,  an amount equal to the amount expended by a taxpayer
     5  for qualifying medical expenses as determined  pursuant  to  this  para-
     6  graph.  Qualifying medical expenses shall be calculated by (a) multiply-
     7  ing  a  taxpayer's  federal  adjusted  gross  income by two and one-half
     8  percent; and then (b) subtracting the amount determined in  subparagraph
     9  (a)  of  this  paragraph  from  the  total amount expended by a taxpayer
    10  during the tax year for all medical related expenses including  premiums
    11  paid  for  health  and accident insurance, and long term care insurance;
    12  and
    13    § 2. This act shall take effect immediately.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00389-01-5

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