Bill Text: NY S04424 | 2009-2010 | General Assembly | Introduced
Bill Title: Establishes a corporate franchise tax credit for co-payments for prescription drugs which are not collected by pharmacies pursuant to federal law or regulations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04424 Detail]
Download: New_York-2009-S04424-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4424
2009-2010 Regular Sessions
I N S E N A T E
April 23, 2009
___________
Introduced by Sen. O. JOHNSON -- read twice and ordered printed, and
when printed to be committed to the Committee on Investigations and
Government Operations
AN ACT to amend the tax law, in relation to establishing an uncollected
prescription drug co-payment corporate franchise tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 210 of the tax law is amended by adding a new
2 subdivision 14 to read as follows:
3 14. A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
4 THIS ARTICLE FOR POINT-OF-SALE PRESCRIPTION DRUG CO-PAYMENT AMOUNTS NOT
5 COLLECTED PURSUANT TO THE AUTHORITY OF FEDERAL LAW OR REGULATION. THE
6 AMOUNT OF SUCH CREDIT SHALL NOT EXCEED ONE HUNDRED PERCENT OF THE TOTAL
7 AMOUNT OF POINT-OF-SALE CO-PAYMENTS DUE IN A TAXABLE YEAR. FOR THE
8 PURPOSES OF THIS SUBDIVISION "TAXPAYER" SHALL MEAN A PHARMACY REGISTERED
9 BY THE EDUCATION DEPARTMENT PURSUANT TO SECTION SIXTY-EIGHT HUNDRED
10 EIGHT OF THE EDUCATION LAW.
11 S 2. This act shall take effect January 1, 2010 and shall apply to
12 taxable years commencing on or after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09248-01-9
