Assemblyman Angelo Santabarbara announced a new bill he’s co-sponsoring that would allow seniors who make less than $50,000 to deduct up to $1,000 for prescription drugs on their personal income tax returns (A.4641).

“Unfortunately, prescription drug prices have been steadily on the rise – increasing 33% since 2014 – and with the cost of living increasing along with these drug prices, more and more seniors are unable to pay for medication. This bill would give our seniors some much-deserved relief from these rising costs by allowing them to deduct some of their prescription medication expenses from their taxes,” said Santabarbara. “No one living on fixed income should have to choose between potentially lifesaving medication and paying their bills.”

The bill would allow up to $1,000 to be excluded from personal income taxation for people over the age of 65 with an adjusted gross income at or below $50,000 and pay for medication prescribed by their health care provider. Prescription drug prices have been on the rise in recent years, but we can help local seniors by allowing them to deduct some of their medical expenses and keep more of their hard-earned money, noted Santabarbara.