Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Summary
Bill A04563 proposes amendments to the New York tax law to establish income tax credits for registered professional nurses and licensed practical nurses. Specifically, it introduces a $500 tax credit for nurses who are employed full-time for at least six months within the taxable year, as well as for those who teach nursing at accredited institutions of higher education. The credits are set to take effect for taxable years beginning on or after January 1, 2026.
Impact
If enacted, this bill would provide financial relief to nurses in New York by reducing their income tax burden. It aims to incentivize full-time employment in nursing and support nursing educators, potentially addressing workforce shortages in the healthcare sector. The credits would be applicable to eligible taxpayers and could result in refunds if the credit exceeds the tax owed, although no interest would be paid on such overpayments.
Sentiment
The sentiment surrounding Bill A04563 appears to be generally positive, as it seeks to support the nursing profession, which has faced challenges, particularly during the COVID-19 pandemic. However, there may be concerns regarding the fiscal impact on state revenues and whether the credits are sufficient to attract and retain nursing professionals.
Contention
Notable points of contention may arise from differing opinions on the adequacy of the proposed tax credits. Some stakeholders may argue that $500 is insufficient to make a significant impact on the financial challenges faced by nurses, while others may express concerns about the potential budget implications for the state. Additionally, discussions may center around the criteria for eligibility and the definition of full-time employment.
Same As
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2024.
Establishes a tax credit for full-time nurses and a tax credit for teaching nurses; provides that the amount of such credit shall be five hundred dollars.
Establishes a child tax credit in the amount of six hundred fifty dollars ($650) for eligible taxpayers adjusted for inflation annually commencing January 1, 2027.
Establishes a child tax credit in the amount of six hundred fifty dollars ($650) for eligible taxpayers adjusted for inflation annually commencing January 1, 2027.
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.