Bill Text: NY A08764 | 2009-2010 | General Assembly | Introduced

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Bill Title: Establishes a personal income tax credit for the amount of premiums paid for health insurance during a taxpayer year; such credit shall apply to health insurance provided for the taxpayer, the taxpayer's spouse and the taxpayer's dependent children; 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: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A08764 Detail]

Download: New_York-2009-A08764-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8764
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 5, 2009
                                      ___________
       Introduced  by M. of A. MILLER -- Multi-Sponsored by -- M. of A. SAYWARD
         -- 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 NINE, A TAXPAYER SHALL  BE  ALLOWED  A
    5  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    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09646-01-9