Bill Text: NY A00387 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for the cost of veterinary services up to two thousand dollars per year.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A00387 Detail]

Download: New_York-2023-A00387-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           387

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     January 9, 2023
                                       ___________

        Introduced  by  M.  of A. L. ROSENTHAL, JEAN-PIERRE, COLTON -- read once
          and referred to the Committee on Ways and Means

        AN ACT to amend the tax law, in relation to establishing  a  tax  credit
          for  the  cost of veterinary services; and providing for the repeal of
          such provisions upon expiration thereof

          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 (bbb) to read as follows:
     3    (bbb) Credit for  veterinary  services.  (1)  General.  An  individual
     4  taxpayer  shall  be  allowed  a credit for taxable years beginning on or
     5  after January first, two thousand twenty-three against the  tax  imposed
     6  by this article for the cost of veterinary services performed on compan-
     7  ion  animals  as  defined  in  subdivision five of section three hundred
     8  fifty of the agriculture and markets law during the  taxable  year.  The
     9  amount  of  the  credit shall be for fifty percent of the actual cost of
    10  such veterinary services, but shall not exceed a maximum credit  of  two
    11  thousand dollars.
    12    (2)  Definition.  The  term  "cost  of veterinary services" shall mean
    13  costs paid to a licensed veterinarian for  medical  services  including,
    14  but not limited to, checkups, vaccinations, subcutaneous insertions of a
    15  microchip intended to be used to identify an animal, and the diagnosing,
    16  treating,  operating, or prescribing for any animal disease, pain, inju-
    17  ry, deformity or dental or physical condition.  Provided,  however,  any
    18  amounts which have been paid for or reimbursed by another party shall be
    19  excluded from the definition of "cost of veterinary services".
    20    (3) Eligibility. Such taxpayer shall provide an actual receipt or copy
    21  thereof  from any licensed veterinarian of this state showing the actual
    22  cost of such veterinary service.
    23    (4) When credit allowed. The credit provided for  in  this  subsection
    24  shall  be  allowed  with  respect  to the taxable year, commencing after

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00755-01-3
        A. 387                              2

     1  January first,  two  thousand  twenty-three,  in  which  the  veterinary
     2  service is rendered.
     3    (5)   Carryovers.  If  the  amount  of  credit  allowable  under  this
     4  subsection shall exceed the taxpayer's tax for such year, the excess may
     5  be carried over to the following year or years and may be deducted  from
     6  the taxpayer's tax for such year or years.
     7    §  2. This act shall take effect immediately, and shall apply to taxa-
     8  ble years beginning on or after January 1, 2023; provided, however, this
     9  act shall expire and be deemed repealed January 1, 2029.