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Senate Bill S8186

2019-2020 Legislative Session

Relates to establishing a COVID-19 convalescent plasma donation tax credit

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

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2019-S8186 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2019-S8186 (ACTIVE) - Summary

Establishes a one thousand dollar COVID-19 convalescent plasma donation tax credit for taxpayers who donate COVID-19 convalescent plasma to a clinical laboratory or blood bank.

2019-S8186 (ACTIVE) - Sponsor Memo

2019-S8186 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8186
 
                             I N  S E N A T E
 
                              April 13, 2020
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- 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  COVID-19
   convalescent plasma 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 (kkk) to read as follows:
   (KKK) COVID-19 CONVALESCENT PLASMA DONATION CREDIT. (1) A TAXPAYER WHO
 DONATES  COVID-19  CONVALESCENT PLASMA TO A CLINICAL LABORATORY OR BLOOD
 BANK THAT HAS BEEN ISSUED A VALID PERMIT AS  PROVIDED  IN  SECTION  FIVE
 HUNDRED  SEVENTY-FIVE  OF  THE  PUBLIC  HEALTH  LAW  FOR THE PURPOSES OF
 MEDICAL RESEARCH AND/OR THE TREATMENT OF PATIENTS WITH COVID-19 SHALL BE
 ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST  THE  TAX  IMPOSED  BY
 THIS  ARTICLE FOR THE TAXABLE YEAR BEGINNING JANUARY FIRST, TWO THOUSAND
 TWENTY. THE AMOUNT OF SUCH CREDIT SHALL BE ONE THOUSAND DOLLARS. FOR THE
 PURPOSES OF THIS SUBSECTION, "COVID-19 CONVALESCENT PLASMA" MEANS  BLOOD
 PLASMA  COLLECTED  FROM  AN  INDIVIDUAL WHO HAS CONTRACTED AND RECOVERED
 FROM COVID-19.
   (2) 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.
   (3) THE COMMISSIONER MAY REQUIRE A QUALIFIED TAXPAYER TO FURNISH PROOF
 OF HIS OR HER DONATION OF COVID-19 CONVALESCENT PLASMA IN SUPPORT OF HIS
 OR HER CLAIM FOR CREDIT UNDER THIS SUBSECTION.
   §  2.  This  act  shall take effect immediately and shall apply to the
 taxable year beginning on January 1, 2020.

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16085-01-0

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