New York A 1632: Provides a tax credit for certain durable medical equipment

Bill Text

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A01632 Summary:

BILL NOA01632 

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SAME ASSAME AS S05098

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SPONSORWeprin

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Provides a tax credit for certain durable medical equipment equal to fifty percent of the cost to purchase and install durable medical equipment in a residence.

Go to top A01632 Actions:

BILL NOA01632 

&nbsp

01/10/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01632 Committee&nbspVotes:

Go to topA01632 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01632 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1632

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 10, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to providing tax credits for
 installing wheelchair ramps and stair lifts into a residence

 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) Credit for durable medical equipment. (1)(A) A taxpayer shall be
 4 allowed a credit against the tax imposed by this article in an amount
 5 equal to fifty percent of the cost to purchase and install durable
 6 medical equipment in a residence.
 7 (B) For purposes of this subsection, "durable medical equipment" shall
 8 mean a wheelchair ramp, stair lift, incline platform lift, vertical
 9 platform lift, or bathtub lift.
 10 (2) Application of credit. If the amount of the credit allowed under
 11 this subsection for any taxable year exceeds the taxpayer's tax for such
 12 year, the excess will be treated as an overpayment of tax to be credited
 13 or refunded in accordance with the provisions of section six hundred
 14 eighty-six of this article, provided, however, that no interest will be
 15 paid thereon.
 16 § 2. This act shall take effect on January first next succeeding the
 17 date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03755-01-5

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