Enacts the health care tax reform act

This bill eliminates multiple taxes on health insurance in New York State, directly affecting consumers and health insurance companies. It phases out four specific taxes over time, including the $1.1 billion annual "covered lives assessment" on insured individuals, a 9.63% surcharge on hospital services, a $350 million flat tax on commercial insurance policies, and a $149 million tax on insurance companies. Key provisions gradually reduce these taxes: for instance, the insurance company tax drops from 1.75% to 0.37% by 2030 and is eliminated entirely after 2031. The legislation aims to lower health insurance costs by removing these taxes, which the bill states collectively cost consumers over $5 billion annually in 2018.