Summary of Bill S 1853: Tax Deduction for Fertility Preservation Services

Bill Number: S 1853

Title: Provides a tax deduction for fertility preservation services

Status: Referred to Budget and Revenue

Introduced: January 14, 2025

Classification: Bill

Purpose and Intent

Bill S 1853 aims to provide financial relief to individuals seeking fertility preservation services by allowing them to claim a tax deduction for related expenses. The intent of the bill is to make fertility preservation more accessible and affordable, thereby supporting individuals who may face medical, personal, or age-related challenges in conceiving children.

Key Provisions

• Tax Deduction Eligibility: The bill proposes that individuals who incur expenses for fertility preservation services, such as egg freezing, sperm banking, or embryo preservation, can deduct these costs from their taxable income.

• Definition of Services: The bill outlines what constitutes fertility preservation services, ensuring clarity on which procedures and associated costs are eligible for the tax deduction.

• Income Limitations: The bill may include provisions regarding income thresholds to determine eligibility for the tax deduction, although specific details on these thresholds are not provided in the current version.

• Implementation Timeline: The bill does not specify an implementation date but is currently under review by the Budget and Revenue committee, which will likely assess the fiscal implications of the proposed tax deduction.

Affected Parties

• Individuals Seeking Fertility Preservation: The primary beneficiaries of this bill would be individuals or couples looking to preserve their fertility for future family planning. This includes those facing medical conditions, undergoing treatments that may affect fertility, or those who wish to delay parenthood for personal or professional reasons.

• Healthcare Providers: Fertility clinics and healthcare providers offering these services may see an increase in demand as the financial burden of such procedures is alleviated through tax deductions.

• Taxpayers: The broader taxpayer base may be affected by the potential revenue implications of the tax deduction, which could influence budget allocations and fiscal policy.

Legislative Process

• Current Status: As of January 14, 2025, the bill has been referred to the Budget and Revenue committee for further consideration. This committee will evaluate the bill's financial implications and its alignment with the state budget.

• Related Legislation: The bill is related to prior-session Bill S 8946 and has a companion bill, A 4177, which may provide additional context or support for the proposed tax deduction.

Conclusion

Bill S 1853 represents a significant step towards making fertility preservation services more financially accessible. By allowing individuals to deduct these expenses from their taxable income, the bill seeks to support family planning efforts and address the growing need for fertility preservation in various demographic groups. As the bill progresses through the legislative process, further details regarding its provisions and impacts will be clarified.