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History
- Enacting clause stricken
- Referred to ways and means
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Increases tax credit allowed for the premium paid for long-term care insurance
In Assembly Committee · Ways And Means · Sponsor Michael Montesano
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10459
Title of bill
An act to amend the tax law, in relation to the tax credit allowed for the premium paid for long-term care insurance
Purpose
Increases tax credit allowed for the premium paid for long-term care insurance.
Summary of provisions
This bill amends the tax law to provide that residents of the state shall be entitled to a credit equal to thirty- five percent of the premium paid for long-term care insurance.
Section 1 - amends subsection (aa) of section 606 of the Tax Law to provide that the credit allowable under the subsection shall be thirty- five percent of the premium paid during the taxable year for long-term care insurance.
Section 2 - provides that this act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become law.
Justification
Long term care is an ever-growing component of the cost of Medicaid in New York State. It is important to encourage citizens to make arrangements to cover the cost of nursing home care through long- term care insurance, both to protect their assets from the high cost of such care, and to control the cost to the state for such care. This bill will give greater encouragement for taxpayers to obtain and maintain long-term care insurance.
Prior legislative history
New bill.
Fiscal implications
Currently, twenty percent of the cost of long term care insurance is allowed as a credit against state income taxes. Increasing this income tax credit encourage more residents to purchase long term care insurance, resulting in countless savings in terms of New York State's Medicaid obligations.
Effective date
This act shall take effect on the first of January next succeeding the day it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.