A 2510: Establishes a cancer treatment credit for the cost of medical expenses.

  
  STATE OF NEW YORK ________________________________________________________________________ 2510 2025-2026 Regular Sessions  IN ASSEMBLY January 17, 2025 ___________ Introduced by M. of A. RA, BRABENEC -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a cancer treat- ment credit 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) Cancer treatment credit. (1) Taxpayers diagnosed with cancer, or 4 with dependent children diagnosed with cancer, shall receive a credit 5 against the tax imposed by this article after December thirty-first, two 6 thousand twenty-five for medical expenses relating to cancer treatment. 7 (2) Medical expenses are to include the costs of diagnosis, cure, 8 mitigation, treatment, and prevention of cancer. These expenses are also 9 to include payments for legal medical services offered by medical prac- 10 titioners. These expenses are also to include but not be limited to: 11 insurance deductibles, non-covered prescription medication, wigs, pros- 12 thetic devices, and other out of pocket expenses if such expenses are 13 required because the taxpayer or their dependent child has been diag- 14 nosed by a physician as having cancer. 15 (3) The credit shall be for such expenses made during the taxable year 16 per taxpayer and/or child diagnosed with cancer and the amount of the 17 credit shall be not more than five hundred dollars. 18 (4) If the amount of the credit allowed under this subsection for any 19 taxable year shall exceed the taxpayer's tax for such year, the excess 20 shall be treated as an overpayment of tax to be credited or refunded in 21 accordance with the provisions of section six hundred eighty-six of this 22 article, provided, however, that no interest shall be paid thereon. 23 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05705-01-5