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.
Summary
Bill A03051 proposes the establishment of a tax credit for residents of New York who undergo in vitro fertilization (IVF) treatment. Specifically, the bill allows a tax credit for up to three cycles of IVF treatment, covering 75% of the expenses incurred that are not covered by insurance, up to a maximum of $10,000. This credit aims to alleviate the financial burden associated with infertility treatments, which can be prohibitively expensive for many families.
Impact
If enacted, this bill would amend the New York tax law to include a new subsection that provides a tax credit specifically for IVF treatments. This change would directly affect taxpayers who are residents of New York and are seeking infertility treatments, potentially increasing access to such medical services by making them more financially feasible. The bill is expected to impact state revenue by allowing for tax credits that could reduce the overall tax liability for qualifying residents.
Sentiment
The general sentiment surrounding Bill A03051 appears to be supportive, particularly among advocates for reproductive health and infertility treatments. The bill has garnered attention in the Assembly Ways and Means Committee, where it was held for consideration, indicating that there is interest in further discussion and potential support for its provisions.
Contention
Notable points of contention may arise regarding the financial implications of the tax credit on state revenue and whether the state can afford to implement such a credit. Some lawmakers may express concerns about prioritizing tax credits for specific medical treatments over other pressing budgetary needs. Additionally, discussions may focus on the definition of infertility and the criteria for qualifying expenses, which could lead to differing opinions on the bill's scope and effectiveness.
Same As
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.
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.