Senate Bill S468

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    468
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by Sens. TEDISCO, HELMING -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 AN ACT to amend the tax law, in relation to providing a tax  credit  for
   qualified expenses relating to healthy living

   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 (qqq) to read as follows:
   (QQQ) HEALTHY LIVING CREDIT. (1) 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  CREDIT
 SHALL EQUAL, UP TO ONE THOUSAND DOLLARS, THE AMOUNT PAID BY THE TAXPAYER
 DURING  THE  TAXABLE  YEAR  FOR  QUALIFIED  EXPENSES RELATING TO HEALTHY
 LIVING.
   (2) FOR THE PURPOSES OF THIS SUBSECTION, "QUALIFIED EXPENSES  RELATING
 TO HEALTHY LIVING" SHALL MEAN EXPENSES RELATING TO THE PURCHASE OF EXER-
 CISE  EQUIPMENT,  AND  THE  COST OF MEMBERSHIP AT A GYM OR OTHER SIMILAR
 FACILITY, OR OTHER CLASS INVOLVING PHYSICAL ACTIVITY INCLUDING  BUT  NOT
 LIMITED  TO SPORTS, DANCE, OR MARTIAL ARTS, AND OTHER EXPENSES AS DETER-
 MINED BY THE COMMISSIONER TO BE EXPENSES RELATING TO HEALTHY LIVING.
   (3) A TAXPAYER WHO IS A PARENT OR LEGAL GUARDIAN, OR ANOTHER  TAXPAYER
 FILING A JOINT INDIVIDUAL INCOME TAX RETURN WITH SUCH TAXPAYER, WHO PAID
 FOR  QUALIFIED  EXPENSES  RELATING  TO HEALTHY LIVING FOR THE TAXPAYER'S
 CHILD SHALL BE ALLOWED A TAX CREDIT PURSUANT TO THIS SUBSECTION.
   (4) 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.
              

                                                            LBD00887-01-5
 S. 468                              2
 
 YEAR  OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR
 OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning  on  and after the first of January next succeeding the
 date on which it shall have become a law.