senate Bill S7844

2019-2020 Legislative Session

Relates to establishing a high deductible health plan tax credit

download bill text pdf

Sponsored By

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


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 26, 2020 referred to budget and revenue

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

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.

S7844 (ACTIVE) - Sponsor Memo

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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