BILL NUMBER: S8946
SPONSOR: HINCHEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to providing a tax deduction
for fertility preservation services
 
PURPOSE:
This legislation will amend the tax law to provide a tax deduction for
those seeking to freeze and preserve their eggs.
 
SUMMARY OF PROVISIONS:
Section 1 amends subsection (c) of section 612 of the tax law providing
at tax deduction up to $1,000 for fertility preservation services, which
is defined as "collecting, freezing, preserving and storing ova."
Section 2 sets the effective date.
 
JUSTIFICATION:
Fertility preservation services, especially egg freezing and storage,
can be financially burdensome for individuals and families as it can
cost several thousand, to tens of thousands of dollars. This bill seeks
to alleviate some of these financial challenges by offering a tax
deduction of up to $1,000, making these vital services more accessible
and affordable to those who seek to preserve their reproductive options
for medical or personal reasons.
Fertility preservation services are not only sought for medical reasons
but also for persons choices, such as career advancement or delayed
family planning. By making these services more financially viable, this
bill promotes equality in reproductive options, ensuring that individ-
uals have the opportunity to make decisions about their reproductive
futures based on their personal circumstances, rather than financial
constraints.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2024.

Statutes affected:
S8946: 612 tax law, 612(c) tax law