Bill Text: NY S05271 | 2021-2022 | General Assembly | Introduced


Bill Title: Establishes a high deductible health plan tax credit equal to twenty-five percent of deductibles paid by a taxpayer who is enrolled in a high deductible health plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S05271 Detail]

Download: New_York-2021-S05271-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          5271

                               2021-2022 Regular Sessions

                    IN SENATE

                                      March 1, 2021
                                       ___________

        Introduced  by  Sen.  RATH  --  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 high  deduct-
          ible health plan tax credit

          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 (a-3) to read as follows:
     3    (a-3) High deductible health plan tax credit. (1) Allowance of credit.
     4  A  taxpayer  shall  be  allowed a credit against the tax imposed by this
     5  article equal to twenty-five percent of deductibles paid by the taxpayer
     6  who is enrolled in a high deductible health plan, as  defined  in  para-
     7  graph  two  of  subsection  c of section two hundred twenty-three of the
     8  internal revenue code, during the taxable year that is in excess of five
     9  percent of the taxpayer's adjusted gross income.
    10    (2) Application of credit. If the amount of the credit  allowed  under
    11  this subsection for any taxable year shall exceed the taxpayer's tax for
    12  such  year,  the  excess shall be treated as an overpayment of tax to be
    13  credited or refunded in accordance with the provisions  of  section  six
    14  hundred  eighty-six of this article, provided, however, that no interest
    15  shall be paid thereon.
    16    § 2. This act shall take effect immediately and shall apply to taxable
    17  years commencing on and after January 1, 2022.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09943-01-1
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