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