Establishes a personal income tax credit for the amount of premiums paid for health insurance during a taxpayer year; provides that such credit shall apply to health insurance provided for the taxpayer, the taxpayer's spouse and the taxpayer's dependent children; provides that the credit shall not exceed $2400 during any taxable year, with a limit of $800 each for the taxpayer and spouse, and $400 for each dependent.
STATE OF NEW YORK
________________________________________________________________________
3531
2013-2014 Regular Sessions
IN ASSEMBLY
January 28, 2013
___________
Introduced by M. of A. SIMANOWITZ -- 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 Assem-bly, do enact as follows:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (c-2) to read as follows:
3 (c-2) Health insurance credit. (1) For taxable years beginning on or
4 after January first, two thousand thirteen, a taxpayer shall be allowed
5 a credit, to be computed as provided in this subsection, against the tax
6 imposed pursuant to section six hundred one of this part. The amount of
7 the credit shall be the amount of premiums paid by the taxpayer or
8 taxpayers filing jointly for the provision of health insurance for the
9 taxpayer, his or her spouse and dependants. Such credit shall not exceed
10 eight hundred dollars for the provision of health insurance for a
11 taxpayer, eight hundred dollars for the provision of health insurance
12 for a taxpayer's spouse, and four hundred dollars for the provision of
13 health insurance for each dependent under the age of eighteen years. The
14 total credit authorized pursuant to this subsection shall not exceed two
15 thousand four hundred dollars in any taxable year.
16 (2) The provisions of this subsection shall not apply to any payments
17 required to be made for the provision of medical assistance pursuant to
18 the federal Social Security Act.
19 (3) In no event shall the amount of the credit provided by this
20 subsection exceed the taxpayer's tax for the taxable year. However, if
21 the amount of credit otherwise allowable pursuant to this subsection for
22 any taxable year results in such excess amount, any amount of credit not
23 deductible in such taxable year may be carried over to the following
24 year or years and may be deducted from the taxpayer's tax for such year
25 or years.
26 § 2. This act shall take effect immediately and shall apply to taxable
27 years commencing on and after January 1, 2013.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03952-01-3
