Bill > S05098

This bill amends the New York tax law to create a new tax credit for homeowners who purchase and install specific types of durable medical equipment (DME) to improve accessibility in their residences. The credit will cover 50% of the cost of installing wheelchair ramps, stair lifts, incline platform lifts, vertical platform lifts, and bathtub lifts. If the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment that can be credited or refunded, though no interest will be paid on this amount. This legislation aims to help individuals with mobility challenges offset the significant expenses associated with modifying their homes to accommodate medical equipment, potentially making residences more accessible and enabling people with disabilities or limited mobility to live more independently. The tax credit will become effective on the January 1st following the bill's enactment, providing a financial incentive for homeowners to invest in necessary medical equipment and home modifications.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5098