NY S00581

Creates a tax credit equal to 25 percent of medical malpractice insurance premiums that exceed 10 percent of a taxpayer's qualified income, with a maximum credit of $25,000 per year or the taxpayer's current year tax liability, whichever is less.

Applies to premiums paid by licensed physicians, dentists, podiatrists, certified nurse-midwives, certified registered nurse anesthetists, and hospitals for regulated malpractice insurance policies, excluding excess coverage under Chapter 266 of the Laws of 1986.

Allows the credit to be claimed by individual taxpayers, partnerships, S-corporations, and other business entities, with credits apportioned to owners based on their distributive share of income or profit.

Permits unused credits to be carried over to subsequent taxable years and prevents the credit from reducing tax liability below the minimum amounts specified in tax law.

Takes effect immediately and applies to taxable years from January 1, 2011 through December 31, 2020.