Assembly Bill A738

2021-2022 Legislative Session

Establishes a personal income tax credit for health insurance premiums paid by a taxpayer

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A738 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8764
2011-2012: A7098
2013-2014: A3531
2015-2016: A139
2017-2018: A1184, A9762
2019-2020: A1443

2021-A738 (ACTIVE) - Summary

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.

2021-A738 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    738
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of A. D. ROSENTHAL, BRABENEC, MONTESANO -- 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:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (c-2) to read as follows:
   (C-2)  HEALTH  INSURANCE CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON OR
 AFTER JANUARY FIRST,  TWO  THOUSAND  TWENTY-ONE,  A  TAXPAYER  SHALL  BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
 THE  TAX  IMPOSED  PURSUANT TO SECTION SIX HUNDRED ONE OF THIS PART. THE
 AMOUNT OF THE CREDIT SHALL BE THE AMOUNT OF PREMIUMS PAID BY THE TAXPAY-
 ER OR TAXPAYERS FILING JOINTLY FOR THE PROVISION OF HEALTH INSURANCE FOR
 THE TAXPAYER, HIS OR HER SPOUSE AND DEPENDANTS. SUCH  CREDIT  SHALL  NOT
 EXCEED EIGHT HUNDRED DOLLARS FOR THE PROVISION OF HEALTH INSURANCE FOR A
 TAXPAYER,  EIGHT  HUNDRED  DOLLARS FOR THE PROVISION OF HEALTH INSURANCE
 FOR A TAXPAYER'S SPOUSE, AND FOUR HUNDRED DOLLARS FOR THE  PROVISION  OF
 HEALTH INSURANCE FOR EACH DEPENDENT UNDER THE AGE OF EIGHTEEN YEARS. THE
 TOTAL CREDIT AUTHORIZED PURSUANT TO THIS SUBSECTION SHALL NOT EXCEED TWO
 THOUSAND FOUR HUNDRED DOLLARS IN ANY TAXABLE YEAR.
   (2)  THE PROVISIONS OF THIS SUBSECTION SHALL NOT APPLY TO ANY PAYMENTS
 REQUIRED TO BE MADE FOR THE PROVISION OF MEDICAL ASSISTANCE PURSUANT  TO
 THE FEDERAL SOCIAL SECURITY ACT.
   (3)  IN  NO  EVENT  SHALL  THE  AMOUNT  OF THE CREDIT PROVIDED BY THIS
 SUBSECTION EXCEED THE TAXPAYER'S TAX FOR THE TAXABLE YEAR.  HOWEVER,  IF
 THE AMOUNT OF CREDIT OTHERWISE ALLOWABLE PURSUANT TO THIS SUBSECTION FOR
 ANY TAXABLE YEAR RESULTS IN SUCH EXCESS AMOUNT, ANY AMOUNT OF CREDIT NOT
 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.

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