Bill Text: NY A04471 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides a tax credit, up to five hundred dollars, for the purchase of assistive technology devices.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A04471 Detail]

Download: New_York-2023-A04471-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4471

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 16, 2023
                                       ___________

        Introduced  by M. of A. RAMOS -- read once and referred to the Committee
          on Ways and Means

        AN ACT to amend the tax law, in relation to providing a tax  credit  for
          the purchase of assistive technology devices

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (ooo) to read as follows:
     3    (ooo)  Credit for purchase of assistive technology devices. (1) Allow-
     4  ance of credit. A taxpayer shall be allowed a credit, to be computed  as
     5  provided  in  this  subsection, against the tax imposed by this article.
     6  The amount of credit shall equal the amount paid by the taxpayer  during
     7  the  taxable  year,  up to five hundred dollars, for the purchase of any
     8  assistive technology device.
     9    (2) Definition. For the purposes of this subsection, "assistive  tech-
    10  nology  device"  shall  mean  any  item,  piece of equipment, or product
    11  system, whether  acquired  commercially  off  the  shelf,  modified,  or
    12  customized,  that  is  used to increase, maintain, or improve functional
    13  capabilities of individuals with disabilities.
    14    (3) When credit allowed. The credit provided herein shall  be  allowed
    15  with respect to the taxable year commencing in which the assistive tech-
    16  nology is purchased.
    17    (4)  Carryover  credit.  If  the amount of credit allowable under this
    18  subsection shall exceed the taxpayer's tax for such year, the excess may
    19  be carried over to the following year or years and may be deducted  from
    20  the taxpayer's tax for such year or years.
    21    § 2. This act shall take effect immediately and shall apply to taxable
    22  years beginning on and after January 1, 2023.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08256-01-3