Assembly Bill A5203

2019-2020 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 - Stricken

  • 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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2019-A5203 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4736
2015-2016: A4483
2017-2018: A3551

2019-A5203 (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.

2019-A5203 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5203
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2019
                                ___________
 
 Introduced  by  M.  of  A.  RAIA,  MONTESANO, BLANKENBUSH, LALOR, FINCH,
   M. L. MILLER -- Multi-Sponsored by -- M. of A. BARCLAY, CROUCH, DiPIE-
   TRO, HAWLEY, MORINELLO, 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 TWENTY, 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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