New York S 5098: Provides a tax credit for certain durable medical equipment

Bill Text

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S05098 Summary:

BILL NOS05098 

&nbsp

SAME ASSAME AS A01632

&nbsp

SPONSORGRIFFO

&nbsp

COSPNSRLANZA

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

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 S05098 Actions:

BILL NOS05098 

&nbsp

02/18/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05098 Committee&nbspVotes:

Go to topS05098 Floor&nbspVotes:

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

Go to topS05098 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5098

 2025-2026 Regular Sessions

 IN SENATE

 February 18, 2025
 ___________

 Introduced by Sens. GRIFFO, LANZA -- read twice and ordered printed, and
 when printed to be committed to the Committee on Budget and Revenue

 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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