Bill Text: NY S09888 | 2023-2024 | General Assembly | Introduced

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Bill Title: Creates an in vitro fertilization treatment tax credit for up to three cycles of in vitro fertilization treatment for expenses related to treatment for infertility.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2024-08-02 - REFERRED TO RULES [S09888 Detail]

Download: New_York-2023-S09888-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9888

                    IN SENATE

                                     August 2, 2024
                                       ___________

        Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the tax law, in relation to creating an in vitro  ferti-
          lization treatment tax credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (qqq) to read as follows:
     3    (qqq)  In  vitro  fertilization  treatment  tax credit. (1) A resident
     4  taxpayer shall be allowed a credit against the tax imposed by this arti-
     5  cle for up to three cycles of in vitro  fertilization  treatment  in  an
     6  amount equaling seventy-five percent of the expenses related to in vitro
     7  fertilization  treatment  for  infertility not covered by insurance paid
     8  during the taxable year or ten thousand dollars, whichever is  less.  If
     9  the amount of the credit allowable under this subsection for any taxable
    10  year  shall exceed the taxpayer's tax for such year, the excess shall be
    11  treated as an overpayment of tax to be credited or refunded  in  accord-
    12  ance with the provisions of section six hundred eighty-six of this arti-
    13  cle, provided, however, that no interest shall be paid thereon.
    14    (2)  For  the purposes of this subsection, the term "cycle" shall have
    15  the same meaning as defined by subparagraph (G) of  paragraph  three  of
    16  subsection  (s)  of  section  four  thousand  three hundred three of the
    17  insurance law.
    18    § 2. This act shall take effect immediately, and shall apply to  taxa-
    19  ble years beginning on and after January 1, 2025.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15974-01-4