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Senate Bill S7722

2009-2010 Legislative Session

Relates to establishing the New York state organ donation tax credit

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2009-S7722 (ACTIVE) - Details

See Assembly Version of this Bill:
A10375
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A4800

2009-S7722 (ACTIVE) - Summary

Relates to establishing the New York state organ donation tax credit.

2009-S7722 (ACTIVE) - Sponsor Memo

2009-S7722 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7722

                            I N  S E N A T E

                               May 5, 2010
                               ___________

Introduced  by  Sens. DUANE, SQUADRON -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and Government Operations

AN  ACT  to  amend the tax law, in relation to establishing the New York
  state organ donation tax credit

  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 (qq) to read as follows:
  (QQ) NEW YORK STATE ORGAN DONATION TAX CREDIT. (1) ALLOWANCE OF  CRED-
IT. FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND
ELEVEN,  A  RESIDENT  TAXPAYER  WHO MAKES AN ANATOMICAL GIFT PURSUANT TO
ARTICLE FORTY-THREE OF THE PUBLIC HEALTH LAW SHALL BE ALLOWED  A  CREDIT
AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO ONE THOUSAND DOLLARS.
  (2)  DEFINITIONS.  FOR  PURPOSES OF THIS SECTION "DELIVERY" SHALL MEAN
THE DATE ON WHICH THE DONOR UNDERGOES THE MEDICAL PROCEDURE REQUIRED FOR
DONATION.
  (3) CARRYOVER. IF THE AMOUNT OF THE CREDIT,  AND  CARRYOVERS  OF  SUCH
CREDIT,  ALLOWABLE  UNDER  THIS  SUBSECTION  FOR  ANY TAXABLE YEAR SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH  YEAR,  SUCH  EXCESS  AMOUNT  MAY  BE
CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  (4) MARRIED INDIVIDUALS. IN THE CASE  OF  MARRIED  INDIVIDUALS  FILING
JOINTLY,  THE  CREDIT SHALL BE EQUAL TO ONE THOUSAND DOLLARS PER ANATOM-
ICAL GIFT PER INDIVIDUAL. THE MAXIMUM ALLOWANCE AVAILABLE SHALL  BE  TWO
THOUSAND  DOLLARS AND ONLY IN THE CASE OF GIFTS MADE IN THE SAME TAXABLE
YEAR BY TWO MARRIED INDIVIDUALS FILING JOINTLY. IN THE CASE  OF  MARRIED
INDIVIDUALS  FILING  SEPARATELY,  THE  CREDIT MAY ONLY BE CLAIMED BY THE
INDIVIDUAL THAT HAS MADE SUCH ANATOMICAL GIFT.
  (5) LIMITATIONS. THIS CREDIT MAY ONLY BE CLAIMED FOR THE TAXABLE  YEAR
IN WHICH THE GIFT WAS DELIVERED PURSUANT TO THE DELIVERY REQUIREMENTS OF
THIS  SECTION AND ONLY BY THE DONOR OF SUCH ANATOMICAL GIFT. THIS CREDIT
MAY ONLY BE CLAIMED ONCE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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