Bill Text: NY A04428 | 2015-2016 | General Assembly | Introduced
Bill Title: Provides for an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A04428 Detail]
Download: New_York-2015-A04428-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4428
2015-2016 Regular Sessions
I N A S S E M B L Y
January 30, 2015
___________
Introduced by M. of A. RAMOS -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to providing for an increased
state personal income tax deduction for medical expenses
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subsection (d) of section 615 of the tax law is amended by
2 adding a new paragraph 2-a to read as follows:
3 (2-A) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU-
4 SAND FIFTEEN, AN AMOUNT EQUAL TO THE AMOUNT EXPENDED BY A TAXPAYER FOR
5 QUALIFYING MEDICAL EXPENSES AS DETERMINED PURSUANT TO THIS PARAGRAPH.
6 QUALIFYING MEDICAL EXPENSES SHALL BE CALCULATED BY (A) MULTIPLYING A
7 TAXPAYER'S FEDERAL ADJUSTED GROSS INCOME BY TWO AND ONE-HALF PERCENT;
8 AND THEN (B) SUBTRACTING THE AMOUNT DETERMINED IN SUBPARAGRAPH (A) OF
9 THIS PARAGRAPH FROM THE TOTAL AMOUNT EXPENDED BY A TAXPAYER DURING THE
10 TAX YEAR FOR ALL MEDICAL RELATED EXPENSES INCLUDING PREMIUMS PAID FOR
11 HEALTH AND ACCIDENT INSURANCE, AND LONG TERM CARE INSURANCE; AND
12 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08296-01-5
