Bill > A02510

This bill establishes a cancer treatment tax credit for New York state taxpayers who have been diagnosed with cancer or have dependent children diagnosed with cancer. The credit, which will be available after December 31, 2025, allows taxpayers to claim up to $500 for medical expenses related to cancer treatment. These expenses are broadly defined and include diagnosis, cure, mitigation, treatment, prevention, legal medical services, insurance deductibles, non-covered prescription medication, wigs, prosthetic devices, and other out-of-pocket expenses directly associated with cancer treatment. If the credit amount exceeds the taxpayer's annual tax liability, the excess will be treated as an overpayment and can be credited or refunded without accruing interest. The bill aims to provide financial relief for individuals and families facing the significant medical costs associated with cancer treatment by offering a targeted tax credit to help offset these expenses.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2510