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Senate Bill S7844

2019-2020 Legislative Session

Relates to establishing a high deductible health plan tax credit

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2019-S7844 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S5271

2019-S7844 (ACTIVE) - Summary

Establishes a high deductible health plan tax credit equal to twenty-five percent of deductibles paid by a taxpayer who is enrolled in a high deductible health plan.

2019-S7844 (ACTIVE) - Sponsor Memo

2019-S7844 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7844
 
                             I N  S E N A T E
 
                             February 26, 2020
                                ___________
 
 Introduced  by  Sen.  RANZENHOFER -- 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 establishing a high  deduct-
   ible health plan 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 (a-3) to read as follows:
   (A-3) HIGH DEDUCTIBLE HEALTH PLAN TAX CREDIT. (1) ALLOWANCE OF CREDIT.
 A  TAXPAYER  SHALL  BE  ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS
 ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF DEDUCTIBLES PAID BY THE TAXPAYER
 WHO IS ENROLLED IN A HIGH DEDUCTIBLE HEALTH PLAN, AS  DEFINED  IN  PARA-
 GRAPH  TWO  OF  SUBSECTION  C OF SECTION TWO HUNDRED TWENTY-THREE OF THE
 INTERNAL REVENUE CODE, DURING THE TAXABLE YEAR THAT IS IN EXCESS OF FIVE
 PERCENT OF THE TAXPAYER'S ADJUSTED GROSS INCOME.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
 CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
 HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2020.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14392-01-9

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