Bill Text: NY A01594 | 2011-2012 | General Assembly | Introduced
Bill Title: Increases the corporation and personal income tax credits for the purchase of long term health insurance policies to fifty percent of the premium paid during the taxable year.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A01594 Detail]
Download: New_York-2011-A01594-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1594
2011-2012 Regular Sessions
I N A S S E M B L Y
January 11, 2011
___________
Introduced by M. of A. JAFFEE, GALEF, SPANO -- Multi-Sponsored by -- M.
of A. SWEENEY -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the tax law, in relation to increasing the tax credit
for individuals who purchase long term health insurance policies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 1 of section 190 of the tax law, as amended by
2 section 17 of part B of chapter 58 of the laws of 2004, is amended to
3 read as follows:
4 1. General. A taxpayer shall be allowed a credit against the tax
5 imposed by this article, other than the taxes and fees imposed by
6 sections one hundred eighty and one hundred eighty-one of this article,
7 equal to [twenty] FIFTY percent of the premium paid during the taxable
8 year for long-term care insurance. In order to qualify for such credit,
9 the taxpayer's premium payment must be for the purchase of or for
10 continuing coverage under a long-term care insurance policy that quali-
11 fies for such credit pursuant to section one thousand one hundred seven-
12 teen of the insurance law.
13 S 2. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
14 amended by section 1 of part P of chapter 61 of the laws of 2005, is
15 amended to read as follows:
16 (1) Residents. A taxpayer shall be allowed a credit against the tax
17 imposed by this article equal to [twenty] FIFTY percent of the premium
18 paid during the taxable year for long-term care insurance. In order to
19 qualify for such credit, the taxpayer's premium payment must be for the
20 purchase of or for continuing coverage under a long-term care insurance
21 policy that qualifies for such credit pursuant to section one thousand
22 one hundred seventeen of the insurance law. If the amount of the credit
23 allowable under this subsection for any taxable year shall exceed the
24 taxpayer's tax for such year, the excess may be carried over to the
25 following year or years and may be deducted from the taxpayer's tax for
26 such year or years.
27 S 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05551-01-1
