Bill Text: NY A00270 | 2011-2012 | General Assembly | Introduced

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Bill Title: Increases tax credit allowed for the premium paid for long-term care insurance from 20 to 25% .

Spectrum: Strong Partisan Bill (Republican 26-2)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A00270 Detail]

Download: New_York-2011-A00270-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          270
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  M.  of A. MONTESANO, KOLB, BURLING, OAKS, HAYES, HAWLEY,
         SALADINO, RAIA, McDONOUGH, CALHOUN, McKEVITT -- Multi-Sponsored by  --
         M.  of  A. BARCLAY, CASTRO, CORWIN, CROUCH, DUPREY, JORDAN, MAYERSOHN,
         MOLINARO, SAYWARD, TEDISCO -- read once and referred to the  Committee
         on Ways and Means
       AN  ACT  to amend the tax law, in relation to the tax credit allowed for
         the premium paid for long-term care insurance
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph (a) of subdivision 25-a of section 210 of the tax
    2  law,  as  amended  by  section 18 of part B of chapter 58 of the laws of
    3  2004, is amended to read as follows:
    4    (a) A taxpayer shall be allowed a credit against the  tax  imposed  by
    5  this  article  equal to [twenty] TWENTY-FIVE percent of the premium paid
    6  during the taxable year for long-term care insurance. In order to quali-
    7  fy for such credit, the taxpayer's  premium  payment  must  be  for  the
    8  purchase  of or for continuing coverage under a long-term care insurance
    9  policy that qualifies for such credit pursuant to section  one  thousand
   10  one hundred seventeen of the insurance law.
   11    S  2. This act shall take effect on the first of January next succeed-
   12  ing the date on which it shall have become a law and shall apply to  all
   13  subsequent tax years.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02289-01-1