Provides a tax credit, up to five hundred dollars, for the purchase of assistive technology devices.
Summary
Bill A01170 proposes an amendment to New York's tax law to introduce a tax credit for individuals purchasing assistive technology devices. The credit will allow taxpayers to claim up to five hundred dollars for the purchase of any assistive technology device that enhances the functional capabilities of individuals with disabilities. This credit will be applicable for the taxable year in which the purchase is made and any unused portion of the credit can be carried over to subsequent years.
Impact
The implementation of this bill will create a new subsection in the tax law, specifically targeting the financial support of individuals with disabilities through tax incentives. It aims to reduce the financial burden associated with acquiring assistive technology devices, thus potentially increasing access to necessary tools for individuals with disabilities. This change will directly affect taxpayers who purchase such devices, allowing them to receive a tax benefit that was not previously available.
Sentiment
The sentiment surrounding Bill A01170 appears to be positive, as it addresses a significant need for financial assistance among individuals with disabilities. However, there may be concerns regarding the fiscal impact on state revenues due to the introduction of this tax credit. The lack of voting history and committee discussions makes it difficult to gauge the full spectrum of opinions from lawmakers.
Contention
Notable points of contention may arise regarding the financial implications of the tax credit on state budgets and whether the amount of the credit is sufficient to make a meaningful difference for taxpayers. Some lawmakers may argue that the credit should be higher or that the eligibility criteria should be expanded to include more individuals. There may also be discussions about the definition of assistive technology devices and what qualifies for the credit.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.
Provides for an additional real estate conveyance tax for commercial properties sold in excess of one million five hundred thousand dollars ($1,500,000) at a rate of three dollars and thirteen cents ($3.13) for each five hundred dollars.
Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.
Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.
Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.