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Who cares
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Sponsors
13 Co-sponsors
History
- Held for consideration in ways and means
- Referred to ways and means
Full text
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Sponsor's memo
BILL NUMBER:A10622
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 or general idea of bill
To increase the credit for long-term care insurance from 20 percent to 25 percent of the premium paid.
Summary of specific provisions
Section 1 amends subdivision 25-a. of Section 210 of the Tax Law, by increasing the credit from 20 percent to 25 percent of the premium paid on long-term care insurance.
Section 2 authorizes the act to take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to all subsequent tax years.
Justification
Many taxpayers want to plan for their long-term care needs by purchasing long-term care insurance; however, expensive premi- ums make it unaffordable, especially for those individuals on fixed incomes. Increasing the current long-term care insurance tax credits from twenty percent to twenty-five percent will help defray some of the costs. Encouraging taxpayers to have long-term care insurance will reduce the number of individuals that will use Medicaid to pay for long- term care costs.
Prior legislative history
A9431 of 2006; A.5579 - 2008
Fiscal implications for state and local governments
To be determined.
EFFECTIVE DATE:; The act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to all subsequent tax years.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.