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Sponsors
Senator · Senate District 61
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.
Provides for a refund of any excess amount of tax paid after reduction of the credit
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3522
Title of bill
An act to amend the tax law, in relation to providing a refund for excess tax paid after long-term insurance credit is applied
Summary of provisions
This bill amends the tax law to provide that residents of the state shall be entitled to a refund, rather than a carry-over credit, for applicable payments made for long-term care insurance premiums.
Section 1 amends subsection (aa) of section 606 of the Tax Law to provide that the credit allowable under the subsection, if it exceeds the tax as reduced by the credit, shall be refunded as an overpayment, without interest. Nonresidents and part-year residents will continue to be eligible for the credit, and will be entitled to carry such credits forward to be deducted in future years.
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. Most people can expect that they will have many years of retirement before they may find themselves in need of long term care. However, retirement often brings reduced income and reduced state taxes, so that many retirees may not be able to take full advantage of the tax credit for long-term care insurance. This bill will give greater encouragement for all taxpayers, and particularly retired 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. If the credit exceeds the amount of taxes due, the balance can be carried forward to future tax years.
Prior legislative history
2010 - S.3520/A.6780 -- INVESTIGATIONS/Ways & Means 2007-08 - S.4345/A.7681 -- INVESTIGATIONS/GOV'T OPS/Ways & Means 2006 - S.7260/A.10771 - RULES/Ways & Means
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.