Bill > S00468

This bill proposes a new tax credit for taxpayers who incur expenses related to healthy living, allowing individuals to claim up to $1,000 in tax credits for qualifying expenses. Specifically, "qualified expenses relating to healthy living" are defined as costs associated with purchasing exercise equipment, gym memberships, physical activity classes (including sports, dance, or martial arts), and other expenses deemed appropriate by the tax commissioner. The credit can be claimed by a parent or legal guardian for expenses paid for their child, and if the credit amount exceeds the taxpayer's tax liability in a given year, the remaining credit can be carried forward to future tax years. The bill would amend the tax law to add this new subsection and would take effect immediately, applying to taxable years beginning on or after the first of January following its enactment. The goal appears to be incentivizing individuals and families to invest in physical fitness and healthy lifestyle activities by providing a financial benefit through the tax system.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S468