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History
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Companion bill
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Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance
In Assembly Committee · Ways And Means · Sponsor Michael Cusick
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 and the insurance law, in relation to the tax credits for premiums paid for long-term care insurance
Purpose
Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance.
Summary of provisions
Section one amends subdivision 1 of section 190 of the tax law, as amended by section 102 of part A of chapter 59 of the laws of 2014
Section two amends paragraph (a) of subdivision 14 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014
Section three amends paragraph 1 of subsection (aa) of section 606 of the tax law, as amended by section 1 of part p of chapter 61 of the laws of 2005
Section four amends paragraph 1 of subdivision (m) of section 1511 of the tax law, as amended by section 21 of part B of the laws 2004
Section five amends paragraph 1 of subsection (g) of section 1117 of the insurance law, as amended by chapter 417 of the laws of 2001
Section six is the effective date.
Justification
Recently, many senior citizens who are on fixed incomes received notices that their long term health insurance premiums were going up as much as 48% to 60%. If these premiums are not paid, the policy that they have been paying for for years will be canceled. These insurance policies were taken out to ensure that their needs would be met in case they had to go into a long term care facility when they got older. This bill will help reduce some of the recent premium increase and give seniors the help they need to keep their long term care policy in good standing.
Legislative history
New bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.