New York S 468: Relates to providing a tax credit for qualified expenses relating to healthy living

Bill Text

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S00468 Summary:

BILL NOS00468 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORTEDISCO

&nbsp

COSPNSRHELMING

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

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Relates to providing a tax credit for qualified expenses relating to healthy living; provides such credit shall equal, up to one thousand dollars, the amount paid by the taxpayer during the taxable year for qualified expenses relating to healthy living.

Go to top S00468 Actions:

BILL NOS00468 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00468 Committee&nbspVotes:

Go to topS00468 Floor&nbspVotes:

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

Go to topS00468 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 468

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. TEDISCO, HELMING -- read twice and ordered printed,
 and when printed to be committed to the Committee on Budget and Reven-
 ue

 AN ACT to amend the tax law, in relation to providing a tax credit for
 qualified expenses relating to healthy living

 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) Healthy living credit. (1) A taxpayer shall be allowed a credit,
 4 to be computed as provided in this subsection, against the tax imposed
 5 pursuant to section six hundred one of this part. The amount of credit
 6 shall equal, up to one thousand dollars, the amount paid by the taxpayer
 7 during the taxable year for qualified expenses relating to healthy
 8 living.
 9 (2) For the purposes of this subsection, "qualified expenses relating
 10 to healthy living" shall mean expenses relating to the purchase of exer-
 11 cise equipment, and the cost of membership at a gym or other similar
 12 facility, or other class involving physical activity including but not
 13 limited to sports, dance, or martial arts, and other expenses as deter-
 14 mined by the commissioner to be expenses relating to healthy living.
 15 (3) A taxpayer who is a parent or legal guardian, or another taxpayer
 16 filing a joint individual income tax return with such taxpayer, who paid
 17 for qualified expenses relating to healthy living for the taxpayer's
 18 child shall be allowed a tax credit pursuant to this subsection.
 19 (4) In no event shall the amount of the credit provided by this
 20 subsection exceed the taxpayer's tax for the taxable year. However, if
 21 the amount of credit otherwise allowable pursuant to this subsection for
 22 any taxable year results in such excess amount, any amount of credit not
 23 deductible in such taxable year may be carried over to the following

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00887-01-5

 S. 468 2

 1 year or years and may be deducted from the taxpayer's tax for such year
 2 or years.
 3 § 2. This act shall take effect immediately and shall apply to taxable
 4 years beginning on and after the first of January next succeeding the
 5 date on which it shall have become a law.

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