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NY A09384
Bill
Status
12/19/2025
Primary Sponsor
Josh Jensen
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AI Summary
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Establishes the New York State Health Care Savings Program allowing individuals to open tax-advantaged savings accounts for qualified health care expenses including premiums, deductibles, copays, long-term care, and out-of-pocket costs
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Provides state income tax deductions for contributions up to $5,000 for individuals or heads of household and $10,000 for married couples filing jointly
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Authorizes the State Comptroller to select and contract with financial organizations to serve as account depositories and managers, with requirements for annual audits and biennial examinations
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Allows account owners to designate beneficiaries, change beneficiaries to family members, and transfer funds between accounts without penalty when the new beneficiary is a family member
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Permits local governments and 501(c)(3) nonprofit organizations to open accounts to fund health care expenses for individuals whose identity will be determined at disbursement
Legislative Description
Authorizes the establishment of New York health care savings accounts to allow residents of the state to save money for the payment of qualified health care related expenses; relates to the use, maintenance, and tax liability of such accounts.
Last Action
referred to health
1/7/2026