Senate Bill S9888

2023-2024 Legislative Session

Creates an in vitro fertilization treatment tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S9888 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-S9888 (ACTIVE) - Summary

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.

2023-S9888 (ACTIVE) - Sponsor Memo

2023-S9888 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9888
 
                             I N  S E N A T E
 
                              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:

   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (qqq) to read as follows:
   (QQQ)  IN  VITRO  FERTILIZATION  TREATMENT  TAX CREDIT. (1) A RESIDENT
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE FOR UP TO THREE CYCLES OF IN VITRO  FERTILIZATION  TREATMENT  IN  AN
 AMOUNT EQUALING SEVENTY-FIVE PERCENT OF THE EXPENSES RELATED TO IN VITRO
 FERTILIZATION  TREATMENT  FOR  INFERTILITY NOT COVERED BY INSURANCE PAID
 DURING THE TAXABLE YEAR OR TEN THOUSAND DOLLARS, WHICHEVER IS  LESS.  IF
 THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE
 YEAR  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE
 TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORD-
 ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
 CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   (2)  FOR  THE PURPOSES OF THIS SUBSECTION, THE TERM "CYCLE" SHALL HAVE
 THE SAME MEANING AS DEFINED BY SUBPARAGRAPH (G) OF  PARAGRAPH  THREE  OF
 SUBSECTION  (S)  OF  SECTION  FOUR  THOUSAND  THREE HUNDRED THREE OF THE
 INSURANCE LAW.
   § 2. This act shall take effect immediately, and shall apply to  taxa-
 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

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