What's happening
This bill increases the New York State tax credit for long-term care insurance premiums from 20% to 50%.
Why it matters
Makes long-term care insurance more affordable. for many New Yorkers by significantly increasing the tax credit, potentially reducing out-of-pocket costs for individuals and families planning for future care needs.
May encourage more residents to purchase or maintain long-term care insurance policies. , helping address the growing costs associated with aging and long-term health needs, and potentially reducing reliance on Medicaid-funded nursing home care.
Could especially benefit older adults and caregivers. who are facing high premiums for coverage, putting more money back in their pockets and supporting financial planning for long-term health challenges.
Impacts both individuals and businesses. (such as employers who offer coverage), broadening the scope of who may be incentivized to participate in or offer long-term care insurance in New York State.
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Who cares
Headline styles
Increase Long-Term Care Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
4 Multi-sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1978
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. SCHIMMINGER, GANTT, GALEF -- Multi-Sponsored by -- M. of A. GIGLIO, HOOPER, MAGEE, RIVERA -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to raising tax credits for long-term care insurance from twenty percent to fifty percent
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. 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, is amended to read as follows:
1. General. A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty] fifty percent of the premium paid during the taxable year for long-term care insurance. In order to qualify for such credit, the taxpayer's premium payment must be for the purchase of or for continuing coverage under a long-term care insurance policy that qualifies for such credit pursuant to section one thousand one hundred seventeen of the insurance law.
§ 2. 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, is amended to read as follows:
(a) General. A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty] fifty percent of the premium paid during the taxable year for long-term care insurance. In order to qualify for such credit, the taxpayer's premium payment must be for the purchase of or for continuing coverage under a long-term care insurance policy that qualifies for such credit pursuant to section one thousand one hundred seventeen of the insurance law.
§ 3. 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, is amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05723-01-7
A. 1978 2
(1) Residents. A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty] fifty percent of the premium paid during the taxable year for long-term care insurance. In order to qualify for such credit, the taxpayer's premium payment must be for the purchase of or for continuing coverage under a long-term care insurance policy that qualifies for such credit pursuant to section one thousand one hundred seventeen of the insurance law. If the amount of the credit allowable under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
§ 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as amended by section 21 of part B of chapter 58 of the laws of 2004, is amended to read as follows:
(1) A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty] fifty percent of the premium paid during the taxable year for long-term care insurance. In order to qualify for such credit, the taxpayer's premium payment must be for the purchase of or for continuing coverage under a long-term care insurance policy that qualifies for such credit pursuant to section one thousand one hundred seventeen of the insurance law.
§ 5. This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January of the year in which it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.