Establishes a high deductible health plan tax credit equal to twenty-five percent of deductibles paid by a taxpayer who is enrolled in a high deductible health plan.
STATE OF NEW YORK
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7844
IN SENATE
February 26, 2020
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Introduced by Sen. RANZENHOFER -- 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 high deduct-
ible health plan tax credit
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 (a-3) to read as follows:
3 (a-3) High deductible health plan tax credit. (1) Allowance of credit.
4 A taxpayer shall be allowed a credit against the tax imposed by this
5 article equal to twenty-five percent of deductibles paid by the taxpayer
6 who is enrolled in a high deductible health plan, as defined in para-
7 graph two of subsection c of section two hundred twenty-three of the
8 internal revenue code, during the taxable year that is in excess of five
9 percent of the taxpayer's adjusted gross income.
10 (2) Application of credit. If the amount of the credit allowed under
11 this subsection for any taxable year shall exceed the taxpayer's tax for
12 such year, the excess shall be treated as an overpayment of tax to be
13 credited or refunded in accordance with the provisions of section six
14 hundred eighty-six of this article, provided, however, that no interest
15 shall be paid thereon.
16 § 2. This act shall take effect immediately and shall apply to taxable
17 years commencing on and after January 1, 2020.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14392-01-9
