NY A00886

Adds a new deduction to New York State tax law for un-reimbursed veterinary care expenses and medications for companion animals as defined in Agriculture and Markets Law section 350.

Allows deduction only for expenses exceeding 7.5 percent of the taxpayer's adjusted gross income, similar to the threshold for medical expense deductions.

Excludes expenses that are compensated for by insurance or other reimbursement sources from the deduction.

Requires the Commissioner of Taxation and Finance to promulgate rules and regulations establishing criteria for eligible veterinary expenses, including diagnosis, treatment, disease prevention, injury treatment, and necessary medications.

Takes effect on January 1 of the year following enactment and applies to all taxable years commencing on or after that date.