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 S05262 proposes the creation of a tax credit for residents of New York who undergo in vitro fertilization (IVF) treatment for infertility. The credit would allow taxpayers to claim 75% of the expenses related to up to three cycles of IVF treatment that are not covered by insurance, with a maximum credit of $10,000. This initiative 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 introduce a new subsection specifically addressing tax credits for IVF treatments. This would provide financial relief to families facing infertility challenges, potentially increasing access to these medical services. The bill's implementation would also require adjustments in tax administration to accommodate the new credit, affecting both taxpayers and the state's revenue collection.
Sentiment
The sentiment surrounding Bill S05262 appears to be generally positive, as it addresses a significant healthcare issue affecting many families in New York. Discussions indicate support for the bill's intent to provide financial assistance for infertility treatments, although specific voting history and committee discussions are not available to gauge opposition or concerns.
Contention
While the bill has garnered support for its potential benefits, there may be contention regarding the fiscal implications of introducing such a tax credit. Concerns may arise from those who question the impact on state revenues and whether the state can afford to implement this tax credit without affecting other budgetary priorities. However, specific points of contention and opposing views were not detailed in the available discussions.
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.