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NY A07098
Bill
Status
4/12/2011
Primary Sponsor
Joel Miller
Click for details
AI Summary
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Establishes a personal income tax credit for health insurance premiums paid by taxpayers for themselves, spouses, and dependents under age 18, effective for taxable years beginning January 1, 2011
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Credit limits are $800 per taxpayer, $800 per spouse, and $400 per dependent, with a maximum total credit of $2,400 per taxable year
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Credit cannot exceed the taxpayer's total tax liability for the year, but unused credit amounts may be carried forward to following years
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Excludes payments required for medical assistance under the federal Social Security Act
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Credit is applied against the personal income tax imposed under Section 601 of the tax law
Legislative Description
Establishes a personal income tax credit for the amount of premiums paid for health insurance during a taxpayer year; provides that such credit shall apply to health insurance provided for the taxpayer, the taxpayer's spouse and the taxpayer's dependent children; provides that the credit shall not exceed $2400 during any taxable year, with a limit of $800 each for the taxpayer and spouse, and $400 for each dependent.
Last Action
held for consideration in ways and means
6/19/2012