Bill Text: NY A02782 | 2019-2020 | General Assembly | Introduced

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Bill Title: Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A02782 Detail]

Download: New_York-2019-A02782-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2782
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 25, 2019
                                       ___________
        Introduced  by  M. of A. SCHIMMINGER, GANTT, GALEF -- Multi-Sponsored by
          -- M. of A.  GIGLIO, 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 Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 190 of the tax law, as amended  by
     2  section  102  of part A of chapter 59 of the laws of 2014, 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 equal to [twenty] fifty percent of the premium
     6  paid during the taxable year for long-term care insurance. In  order  to
     7  qualify  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    § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
    12  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
    13  amended to read as follows:
    14    (a) General.  A taxpayer shall be allowed a  credit  against  the  tax
    15  imposed  by  this article equal to [twenty] fifty percent of the premium
    16  paid during the taxable year for long-term care insurance. In  order  to
    17  qualify  for such credit, the taxpayer's premium payment must be for the
    18  purchase of or for continuing coverage under a long-term care  insurance
    19  policy  that  qualifies for such credit pursuant to section one thousand
    20  one hundred seventeen of the insurance law.
    21    § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
    22  amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
    23  amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03825-01-9
        A. 2782                             2
     1    (1) Residents. A taxpayer shall be allowed a credit  against  the  tax
     2  imposed  by  this article equal to [twenty] fifty percent of the premium
     3  paid during the taxable year for long-term care insurance. In  order  to
     4  qualify  for such credit, the taxpayer's premium payment must be for the
     5  purchase  of or for continuing coverage under a long-term care insurance
     6  policy that qualifies for such credit pursuant to section  one  thousand
     7  one  hundred seventeen of the insurance law. If the amount of the credit
     8  allowable under this subsection for any taxable year  shall  exceed  the
     9  taxpayer's  tax  for  such  year,  the excess may be carried over to the
    10  following year or years and may be deducted from the taxpayer's tax  for
    11  such year or years.
    12    § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
    13  amended  by  section  21 of part B of chapter 58 of the laws of 2004, is
    14  amended to read as follows:
    15    (1) A taxpayer shall be allowed a credit against the  tax  imposed  by
    16  this  article equal to [twenty] fifty percent of the premium paid during
    17  the taxable year for long-term care insurance. In order to  qualify  for
    18  such  credit, the taxpayer's premium payment must be for the purchase of
    19  or for continuing coverage under a long-term care insurance policy  that
    20  qualifies  for  such credit pursuant to section one thousand one hundred
    21  seventeen of the insurance law.
    22    § 5.  This act shall take effect immediately and shall apply to  taxa-
    23  ble  years  beginning  on  or  after the first of January of the year in
    24  which it shall have become a law.