Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to budget and revenue |
Mar 01, 2021 |
referred to budget and revenue |
Senate Bill S5271
2021-2022 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
Actions
2021-S5271 (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2019-2020 Legislative Session:
-
S7844
2021-S5271 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5271 SPONSOR: RATH TITLE OF BILL: An act to amend the tax law, in relation to establishing a high deduct- ible health plan tax credit PURPOSE: This bill would create a high deductible health plan tax credit to help families who can only afford high deductible health care plans when faced with serious illness and high medical expenses. JUSTIFICATION: High deductible health insurance is an option that makes health insur- ance affordable for many New Yorkers whose earnings are too high for Medicaid plans, but too low to practically afford lower or no deductible plans. Although health savings accounts are another available source to fund regular medical expenses with pre-tax dollars, taxpayers may not be
2021-S5271 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5271 2021-2022 Regular Sessions I N S E N A T E March 1, 2021 ___________ Introduced by Sen. RATH -- 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, 2022. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09943-01-1
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