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A00738 Summary:

SPONSORRosenthal D
COSPNSRBrabenec, Montesano
Amd §606, Tax L
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.
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A00738 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                     January 6, 2021
        Introduced  by  M.  of A. D. ROSENTHAL, BRABENEC, MONTESANO -- 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  twenty-one,  a  taxpayer  shall  be
     5  allowed a credit, to be computed as provided in this subsection, against
     6  the  tax  imposed  pursuant to section six hundred one of this part. The
     7  amount of the credit shall be the amount of premiums paid by the taxpay-
     8  er or taxpayers filing jointly for the provision of health insurance for
     9  the taxpayer, his or her spouse and dependants. Such  credit  shall  not
    10  exceed 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 738                              2
     1  year or years and may be deducted from the taxpayer's tax for such  year
     2  or years.
     3    § 2. This act shall take effect immediately and shall apply to taxable
     4  years commencing on and after January 1, 2021.
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