Senate Bill S832

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    832
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sens. TEDISCO, RIVERA, SALAZAR -- 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 tax credit
   for the cost of veterinary services; and providing for the  repeal  of
   such provisions upon expiration thereof
 
   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 (bbb) to read as follows:
   (BBB)  CREDIT  FOR  VETERINARY  SERVICES.  (1)  GENERAL. AN INDIVIDUAL
 TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE  YEARS  BEGINNING  ON  OR
 AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE AGAINST THE TAX IMPOSED BY
 THIS  ARTICLE FOR THE COST OF VETERINARY SERVICES PERFORMED ON COMPANION
 ANIMALS AS DEFINED IN SUBDIVISION FIVE OF SECTION THREE HUNDRED FIFTY OF
 THE AGRICULTURE AND MARKETS LAW DURING THE TAXABLE YEAR. THE  AMOUNT  OF
 THE CREDIT SHALL BE FOR FIFTY PERCENT OF THE ACTUAL COST OF SUCH VETERI-
 NARY  SERVICES,  BUT  SHALL  NOT EXCEED A MAXIMUM CREDIT OF TWO THOUSAND
 DOLLARS.
   (2) DEFINITION. THE TERM "COST  OF  VETERINARY  SERVICES"  SHALL  MEAN
 COSTS  PAID  TO  A LICENSED VETERINARIAN FOR MEDICAL SERVICES INCLUDING,
 BUT NOT LIMITED TO, CHECKUPS, VACCINATIONS, SUBCUTANEOUS INSERTIONS OF A
 MICROCHIP INTENDED TO BE USED TO IDENTIFY AN ANIMAL, AND THE DIAGNOSING,
 TREATING, OPERATING, OR PRESCRIBING FOR ANY ANIMAL DISEASE, PAIN,  INJU-
 RY,  DEFORMITY  OR  DENTAL OR PHYSICAL CONDITION. PROVIDED, HOWEVER, ANY
 AMOUNTS WHICH HAVE BEEN PAID FOR OR REIMBURSED BY ANOTHER PARTY SHALL BE
 EXCLUDED FROM THE DEFINITION OF "COST OF VETERINARY SERVICES".
   (3) ELIGIBILITY. SUCH TAXPAYER SHALL PROVIDE AN ACTUAL RECEIPT OR COPY
 THEREOF FROM ANY LICENSED VETERINARIAN OF THIS STATE SHOWING THE  ACTUAL
 COST OF SUCH VETERINARY SERVICE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02408-01-5
 S. 832                              2
 
   (4)  WHEN  CREDIT  ALLOWED. THE CREDIT PROVIDED FOR IN THIS SUBSECTION
 SHALL BE ALLOWED WITH RESPECT TO  THE  TAXABLE  YEAR,  COMMENCING  AFTER
 JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, IN WHICH THE VETERINARY SERVICE
 IS RENDERED.
   (5)   CARRYOVERS.  IF  THE  AMOUNT  OF  CREDIT  ALLOWABLE  UNDER  THIS
 SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY
 BE CARRIED OVER TO THE FOLLOWING 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 taxa-
 ble years beginning on or after January 1, 2025; provided, however, this
 act shall expire and be deemed repealed January 1, 2031.