What's happening
This bill creates a tax credit for New Yorkers aged 55 and older who purchase long-term care health insurance.
Why it matters
Encourages more older New Yorkers to purchase long-term care insurance. by offering a financial incentive, potentially increasing the number of people prepared for the high costs of long-term care as they age.
Reduces out-of-pocket tax liability. for individuals aged 55 and older, as the tax credit directly lowers the amount of state income tax owed, making long-term care insurance more affordable.
Allows unused credits to carry forward. to future tax years, ensuring that if the credit is larger than a taxpayer’s liability in a given year, the benefit is not lost but can be used later.
May help ease future strain on public assistance programs. by incentivizing private coverage, potentially reducing the need for Medicaid-funded long-term care if more people have their own insurance.
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Who cares
Headline styles
Tax Credit for Long-Term Care
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
3 Multi-sponsors
History
- Held for consideration in ways and means
- Print number 6934a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
Tax Credit for Long-Term Care
In Senate Committee · Investigations And Government Operations · Sponsor James Tedisco
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6934--A
2017-2018 Regular Sessions
IN ASSEMBLY
March 24, 2017
Introduced by M. of A. OAKS, BLANKENBUSH, WALTER -- Multi-Sponsored by -- M. of A. BARCLAY, FITZPATRICK, HAWLEY -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to authorizing a tax credit for individuals who purchase long term health insurance policies
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Legislative intent. The legislature has hitherto recognized the need to increase the availability of private health insurance for long term care services provided in residential health care facilities and community-based settings. It is the intent of this act to further encourage the development of such plans through the provision of tax credits for individuals who purchase state-sanctioned long term care health insurance plans.
§ 2. Section 606 of the tax law is amended by adding a new subsection (h-1) to read as follows:
(h-1) Credit for purchase of long term care health insurance. (1) A taxpayer who is fifty-five years of age or older shall be allowed a credit to be credited against the tax imposed by this article in an amount equal to ten percent of the annual premium paid on and after January first, two thousand eighteen for a contract issued in connection with a health insurance plan for long term care as provided for in section one thousand one hundred seventeen of the insurance law.
(2) In no event shall the amount of the credit provided for in this subsection be allowed in excess of the taxpayer's tax for such year. However, if the amount of credit otherwise allowable under this subsection for any taxable year results in such excess amount, any amount of credit not deductible in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06370-03-8
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.