New York A 1048: Establishes procedures for negotiated rule making

Bill Text

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 Speaker Carl E. Heastie

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A01048 Summary:

BILL NOA01048 

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SAME ASNo Same As

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SPONSORRamos

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COSPNSR

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MLTSPNSR

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Amd §615, Tax L

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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.

Go to top A01048 Actions:

BILL NOA01048 

&nbsp

01/08/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01048 Committee&nbspVotes:

Go to topA01048 Floor&nbspVotes:

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

Go to topA01048 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1048

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 8, 2025
 ___________

 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 twenty-five, an amount equal to the amount expended by a taxpayer
 5 for qualifying medical expenses as determined pursuant to this para-
 6 graph. Qualifying medical expenses shall be calculated by (a) multiply-
 7 ing a taxpayer's federal adjusted gross income by two and one-half
 8 percent; and then (b) subtracting the amount determined in subparagraph
 9 (a) of this paragraph from the total amount expended by a taxpayer
 10 during the tax year for all medical related expenses including premiums
 11 paid for health and accident insurance, and long term care insurance;
 12 and
 13 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00389-01-5

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