Bill Text: NY A01443 | 2019-2020 | General Assembly | Introduced

Bill Title: 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.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced) 2019-01-15 - referred to ways and means [A01443 Detail]

Download: New_York-2019-A01443-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 15, 2019
        Introduced  by M. of A. D. ROSENTHAL, MONTESANO, BRABENEC -- Multi-Spon-
          sored by -- M.  of A. CROUCH -- read once and referred to the  Commit-
          tee 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 nineteen, 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 1443                             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, 2019.