Bill Text: NY S02416 | 2017-2018 | General Assembly | Amended

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Bill Title: Provides a maximum $500 tax credit for taxpayer expenses, not compensated by insurance or otherwise, related to the purchase of a qualified hearing aid.

Sponsorship: Partisan Bill (Republican 5)

Status: (Introduced - Dead) 2018-02-06 - REPORTED AND COMMITTED TO FINANCE [S02416 Detail]

Download: New_York-2017-S02416-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2416--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 13, 2017
                                       ___________
        Introduced  by  Sens.  FUNKE,  GOLDEN,  ORTT,  SERINO  -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Investigations  and  Government  Operations -- reported favorably from
          said committee and committed to the Committee on Finance --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to  amend the tax law, in relation to providing a tax credit to
          individuals for up to five hundred dollars of expenses not compensated
          by insurance for the purchase of a qualified hearing aid
          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 (ccc) to read as follows:
     3     (ccc) Hearing aid credit. (1) A taxpayer shall be allowed  a  credit,
     4  to  be  computed as provided in this subsection, against the tax imposed
     5  pursuant to section six hundred one of this part. The amount  of  credit
     6  shall  equal the amount paid by the taxpayer during the taxable year, up
     7  to five hundred dollars, and not compensated by insurance or  otherwise,
     8  for the purchase of any qualified hearing aid.
     9    (2) For the purposes of this subsection, "qualified hearing aid" shall
    10  mean a hearing aid which is authorized for commercial distribution under
    11  the federal Food, Drug and Cosmetic Act and which is intended for use by
    12  the taxpayer or an individual with respect to whom the taxpayer, for the
    13  taxable year, is allowed a personal exemption for dependents.
    14    (3) A taxpayer claiming credit pursuant to this subsection for a taxa-
    15  ble year shall not be allowed to claim such credit for two taxable years
    16  following any taxable year for which credit is allowed.
    17    (4)  No credit shall be allowed for any hearing aid expenses for which
    18  a deduction or credit is allowed under any other provision of this chap-
    19  ter.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04192-02-7
        S. 2416--A                          2
     1    (5) In no event shall the  amount  of  the  credit  provided  by  this
     2  subsection  exceed  the taxpayer's tax for the taxable year. However, if
     3  the amount of credit otherwise allowable pursuant to this subsection for
     4  any taxable year results in such excess amount, any amount of credit not
     5  deductible in such taxable year may be carried over to the following two
     6  years  and  may  be  deducted  from  the taxpayer's tax for such year or
     7  years.
     8    § 2. This act shall take effect immediately and shall apply to taxable
     9  years beginning on and after the first of January  next  succeeding  the
    10  date on which it shall have become a law.