Bill > S00087

This bill enacts the Health Care Tax Reform Act, which eliminates certain taxes and assessments on health insurance. Specifically, the bill: - Reduces the Section 206 assessment collected by the Financial Services Commissioner on insurance companies over several years, from 80% in 2023 to 0% in 2029. - Reduces the tax on non-life insurance corporations for accident and health insurance contracts from 1.75% to gradually declining rates, reaching 0% in 2029. - Reduces the 9.63% sales tax surcharge on certain hospital-based health services over several years, reaching 0% in 2028. - Makes corresponding reductions to the total percentage allowance for payors that is applied to hospital net patient service revenues. The goal of the bill is to make health care and health insurance more affordable for New York residents by eliminating various taxes and assessments that increase the costs of health coverage.