A 1048: 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.

  
  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