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.
Summary
Bill A05805 proposes amendments to the New York tax law to establish two new tax credits for registered professional nurses and licensed practical nurses. The first credit, available to full-time nurses employed for at least six months, allows for a $500 reduction in state income tax. The second credit is aimed at nurses who teach at recognized institutions of higher education, also providing a $500 tax credit for similar employment duration. These credits are set to take effect for taxable years beginning on or after January 1, 2026.
Impact
If enacted, this bill would create financial incentives for nurses in New York, potentially encouraging more individuals to enter or remain in the nursing profession. It aims to support both practicing nurses and those who contribute to nursing education, addressing workforce challenges in healthcare. The credits would be applicable to state income tax, thus impacting the overall tax revenue and financial landscape for healthcare professionals in New York.
Sentiment
The sentiment surrounding Bill A05805 appears to be generally supportive, as it addresses the critical issue of nurse retention and education in the state. However, specific discussions and votes have not yet been documented, leaving the full extent of sentiment unclear until further legislative action occurs.
Contention
Potential points of contention may arise regarding the fiscal implications of the tax credits, particularly concerns over the impact on state revenue and whether the credits adequately address the needs of the nursing workforce. Stakeholders, including healthcare organizations and educational institutions, may have differing views on the effectiveness and reach of these proposed credits.
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 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.
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.
Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.
Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.
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.
Establishes a cannabis processor tax credit; authorizes a tax credit that is the equivalent to the licensed processor's cannabis potency tax liability for the year two thousand twenty-three, multiplied by three, but shall not exceed four hundred thousand dollars.