Bill Text: NY A07162 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides for an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07162 Detail]
Download: New_York-2019-A07162-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7162 2019-2020 Regular Sessions IN ASSEMBLY April 10, 2019 ___________ 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 for an increased state personal income tax deduction for medical expenses The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (d) of section 615 of the tax law is amended by 2 adding a new paragraph 2-a to read as follows: 3 (2-a) for taxable years beginning on or after January first, two thou- 4 sand nineteen, an amount equal to the amount expended by a taxpayer for 5 qualifying medical expenses as determined pursuant to this paragraph. 6 Qualifying medical expenses shall be calculated by (a) multiplying a 7 taxpayer's federal adjusted gross income by two and one-half percent; 8 and then (b) subtracting the amount determined in subparagraph (a) of 9 this paragraph from the total amount expended by a taxpayer during the 10 tax year for all medical related expenses including premiums paid for 11 health and accident insurance, and long term care insurance; and 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07465-01-9