Senate Bill S2692

2015-2016 Legislative Session

Establishes the "caregiver's assistance act" giving income tax credits and deductions to certain persons who help seniors

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Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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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2015-S2692 (ACTIVE) - Details

See Assembly Version of this Bill:
A5456
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2656
2011-2012: A3849
2013-2014: A2432
2017-2018: S1636, A5436
2019-2020: A4166

2015-S2692 (ACTIVE) - Summary

Establishes the "caregiver's assistance act"; allows a personal income tax credit equal to twenty percent of qualified care expenses or five hundred fifty-five dollars, whichever is less, for the taxable year that is paid by taxpayer for the care of a qualifying senior family member.

2015-S2692 (ACTIVE) - Sponsor Memo

2015-S2692 (ACTIVE) - Bill Text download pdf

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

                                  2692

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 28, 2015
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN  ACT  to  amend  the  tax  law,  in  relation  to  establishing   the
  "caregiver's assistance act"

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "caregiver's assistance act".
  S  2. Section 606 of the tax law is amended by adding a new subsection
(ccc) to read as follows:
  (CCC) ELDER CARE CREDIT. (1) A TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT
AGAINST THE TAX IMPOSED UNDER SECTION SIX HUNDRED ONE OF THIS PART IN AN
AMOUNT  EQUAL  TO  TWENTY PERCENT OF QUALIFIED CARE EXPENSES PAID BY THE
TAXPAYER FOR THE CARE OF A  QUALIFYING  SENIOR  FAMILY  MEMBER  OR  FIVE
HUNDRED FIFTY-FIVE DOLLARS, WHICHEVER IS LESS.  IF THE CREDIT OR CREDITS
PROVIDED  PURSUANT  TO  THIS SECTION SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH TAXABLE YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX
TO  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
SIX HUNDRED EIGHTY-SIX OF  THIS  ARTICLE,  PROVIDED,  HOWEVER,  THAT  NO
INTEREST  SHALL  BE PAID THEREON.  NO CREDIT SHALL BE GRANTED UNDER THIS
SUBSECTION IF (I) THE TAXPAYER'S  NEW  YORK  ADJUSTED  GROSS  INCOME  IS
GREATER  THAN FORTY-FIVE THOUSAND DOLLARS FOR A SINGLE TAXPAYER OR SIXTY
THOUSAND DOLLARS FOR MARRIED TAXPAYERS, OR  (II)  IF  THE  TAXPAYER  HAS
CLAIMED  THE  CREDIT  FOR  CERTAIN HOUSEHOLD AND DEPENDENT CARE SERVICES
AUTHORIZED IN THIS SECTION FOR QUALIFIED CARE EXPENSES PAID FOR THE CARE
OF A QUALIFYING SENIOR FAMILY MEMBER.
  (2) AS USED IN THIS SUBSECTION:
  (A) "TAXPAYER" IS A RESIDENT INDIVIDUAL OF THIS STATE,  BUT  THE  TERM
DOES  NOT INCLUDE A NONRESIDENT TAXPAYER OR A PART-YEAR RESIDENT TAXPAY-
ER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05228-03-5
              

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