Assembly Bill A3551

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

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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2017-A3551 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4736
2015-2016: A4483
2019-2020: A5203

2017-A3551 (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.

2017-A3551 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3551
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RAIA,  GRAF,  MONTESANO, BLANKENBUSH, LALOR,
   CURRAN, FINCH -- Multi-Sponsored by  --  M.  of  A.  BARCLAY,  CROUCH,
   DiPIETRO, HAWLEY, THIELE -- 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 EIGHTEEN, 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 TAXPAYER 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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