Bill Text: NY S04305 | 2013-2014 | General Assembly | Introduced


Bill Title: Provides a tax deduction from personal income taxes for un-reimbursed expenses paid for veterinary care of companion animals.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04305 Detail]

Download: New_York-2013-S04305-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4305
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    March 20, 2013
                                      ___________
       Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to providing a  deduction  from
         personal  income  taxes for un-reimbursed expenses paid for veterinary
         care of companion animals
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraphs 2, 3 and 4 of subsection (d) of section 615 of
    2  the tax law, paragraph 2 as amended by chapter 406 of the laws of  1990,
    3  paragraph  3 as amended by chapter 921 of the laws of 1963 and paragraph
    4  4 as added by section 2 of part DD of chapter 63 of the  laws  of  2000,
    5  are amended and a new paragraph 5 is added to read as follows:
    6    (2)  interest  on  indebtedness  incurred  or continued to purchase or
    7  carry obligations or securities the interest on which is subject to  tax
    8  under  this  article  but  exempt from federal income tax, to the extent
    9  that such interest on indebtedness is not deductible for federal  income
   10  tax  purposes  and  is not subtracted from federal adjusted gross income
   11  pursuant to paragraph (9) of  subsection  (c)  of  section  six  hundred
   12  twelve; [and]
   13    (3)  ordinary and necessary expenses paid or incurred during the taxa-
   14  ble year for (i) the production or collection of income which is subject
   15  to tax under this article but exempt from federal income  tax,  or  (ii)
   16  the  management,  conservation  or  maintenance of property held for the
   17  production of such income, and the  amortizable  bond  premium  for  the
   18  taxable  year  on any bond the interest on which is subject to tax under
   19  this article but exempt from federal income tax, to the extent that such
   20  expenses and premiums are not deductible in determining federal adjusted
   21  gross income and are not subtracted from federal adjusted  gross  income
   22  pursuant  to  paragraph  (10)  of  subsection (c) of section six hundred
   23  twelve[.];
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02170-01-3
       S. 4305                             2
    1    (4) allowable college tuition expenses, as defined in paragraph two of
    2  subsection (t) of section six hundred six of this article, multiplied by
    3  the applicable percentage. Such applicable percentage shall  be  twenty-
    4  five  percent  for  taxable  years  beginning in two thousand one, fifty
    5  percent  for  taxable  years beginning in two thousand two, seventy-five
    6  percent for taxable years  beginning  in  two  thousand  three  and  one
    7  hundred  percent  for  taxable years beginning after two thousand three.
    8  Provided, however, no deduction shall be allowed under this paragraph to
    9  a taxpayer who claims  the  credit  provided  under  subsection  (t)  of
   10  section six hundred six of this article[.]; AND
   11    (5)  EXPENSES,  NOT  COMPENSATED  FOR  BY INSURANCE OR OTHERWISE, PAID
   12  DURING THE TAXABLE YEAR BY THE TAXPAYER OR HIS OR HER SPOUSE FOR VETERI-
   13  NARY CARE OF AND MEDICATION  FOR  A  COMPANION  ANIMAL,  AS  DEFINED  IN
   14  SECTION  THREE  HUNDRED FIFTY OF THE AGRICULTURE AND MARKETS LAW, TO THE
   15  EXTENT THAT SUCH EXPENSES EXCEED  SEVEN  AND  ONE-HALF  PERCENT  OF  THE
   16  TAXPAYER'S ADJUSTED GROSS INCOME.
   17    S  2.  The commissioner of taxation and finance shall promulgate rules
   18  and regulations to establish criteria for the veterinary care  deduction
   19  provided  for in section one of this act, including determining expenses
   20  eligible for the deduction, which shall include, but not be limited  to,
   21  amounts   paid  for  the  diagnosis,  cure,  mitigation,  treatment,  or
   22  prevention of disease, to treat injury sustained as  the  result  of  an
   23  accident,  and  to  promote  the  proper  structure  and function of the
   24  animal's body, and for necessary medications, and shall take such  other
   25  measures  as  he  or  she deems necessary to implement the provisions of
   26  this section.
   27    S 3. This act shall take effect on the first of January next  succeed-
   28  ing  the date on which it shall have become a law and shall apply to all
   29  taxable years commencing on or after such date; provided that, effective
   30  immediately, the commissioner of taxation and finance is  authorized  to
   31  and  shall  promulgate  any  and  all rules and regulations and take any
   32  other measures necessary to implement this act on its effective date  on
   33  or before such date.
feedback