Bill Text: NY S04731 | 2019-2020 | General Assembly | Introduced

Bill Title: Provides a tax credit for certain durable medical equipment.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2019-03-22 - REFERRED TO BUDGET AND REVENUE [S04731 Detail]

Download: New_York-2019-S04731-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 22, 2019
        Introduced by Sens. GRIFFO, LANZA -- read twice and ordered printed, and
          when printed to be committed to the Committee on Budget and Revenue
        AN  ACT  to  amend the tax law, in relation to providing tax credits for
          installing wheelchair ramps and stair lifts into a residence
          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 (jjj) to read as follows:
     3    (jjj) Credit for durable medical equipment. (1)(A) A taxpayer shall be
     4  allowed a credit against the tax imposed by this article  in  an  amount
     5  equal  to  fifty  percent  of  the  cost to purchase and install durable
     6  medical equipment in a residence.
     7    (B) For purposes of this subsection, "durable medical equipment" shall
     8  mean a wheelchair ramp, stair  lift,  incline  platform  lift,  vertical
     9  platform lift, or bathtub lift.
    10    (2)  Application  of credit. If the amount of the credit allowed under
    11  this subsection for any taxable year exceeds the taxpayer's tax for such
    12  year, the excess will be treated as an overpayment of tax to be credited
    13  or refunded in accordance with the provisions  of  section  six  hundred
    14  eighty-six  of this article, provided, however, that no interest will be
    15  paid thereon.
    16    § 2. This act shall take effect on January first next  succeeding  the
    17  date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.