Bill Text: NY A09762 | 2017-2018 | 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; 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 - Dead) 2018-02-05 - referred to ways and means [A09762 Detail]

Download: New_York-2017-A09762-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9762
                   IN ASSEMBLY
                                    February 5, 2018
                                       ___________
        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 seventeen, 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
    24  year or years and may be deducted from the taxpayer's tax for such  year
    25  or years.
    26    § 2. This act shall take effect immediately and shall apply to taxable
    27  years commencing on and after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03482-01-7