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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases long-term care insurance credit
In Assembly Committee · Ways And Means · Sponsor Robert Castelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to increasing long-term care insurance credits
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.
Purpose and 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.
Existing law
Currently, twenty percent of the cost of long term care insurance is allowed as a credit against state income taxes.
Prior legislative history
New bill.
Fiscal implications
To be determined.
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.