NY A00977

Adds a new deduction to New York tax law allowing taxpayers to deduct unreimbursed veterinary care expenses for companion animals defined under Agriculture and Markets Law Section 350.

Deduction applies only to expenses exceeding 7.5% of the taxpayer's adjusted gross income and excludes amounts compensated by insurance or other means.

Requires the Commissioner of Taxation and Finance to establish regulations defining eligible veterinary expenses, including diagnosis, treatment, prevention of disease, accident-related injuries, and necessary medications.

Effective January 1st following the date the bill becomes law and applies to all taxable years beginning on or after that date.