Bill Text: NY A03331 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A03331 Detail]

Download: New_York-2015-A03331-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3331
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 22, 2015
                                      ___________
       Introduced by M. of A. TEDISCO -- Multi-Sponsored by -- M. of A. FITZPA-
         TRICK,  OAKS  --  read  once and referred to the Committee on Ways and
         Means
       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  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Legislative intent.   The legislature has hitherto recog-
    2  nized the need to increase the availability of private health  insurance
    3  for  long term care services provided in residential health care facili-
    4  ties and community-based settings.   It is the intent  of  this  act  to
    5  further encourage the development of such plans through the provision of
    6  tax credits for individuals who purchase state-sanctioned long term care
    7  health insurance plans.
    8    S  2. Section 606 of the tax law is amended by adding a new subsection
    9  (h-1) to read as follows:
   10    (H-1) CREDIT FOR PURCHASE OF LONG TERM CARE HEALTH INSURANCE.  (1)   A
   11  TAXPAYER  WHO  IS  FIFTY-FIVE  YEARS  OF AGE OR OLDER SHALL BE ALLOWED A
   12  CREDIT TO BE CREDITED AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE  IN  AN
   13  AMOUNT  EQUAL  TO  TEN  PERCENT  OF THE ANNUAL PREMIUM PAID ON AND AFTER
   14  JANUARY FIRST, TWO THOUSAND FIFTEEN FOR A CONTRACT ISSUED IN  CONNECTION
   15  WITH  A  HEALTH  INSURANCE  PLAN  FOR  LONG TERM CARE AS PROVIDED FOR IN
   16  SECTION ONE THOUSAND ONE HUNDRED SEVENTEEN OF THE INSURANCE LAW.
   17    (2)  IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED FOR  IN  THIS
   18  SUBSECTION  BE  ALLOWED  IN  EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
   19  HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
   20  SUBSECTION  FOR  ANY  TAXABLE  YEAR  RESULTS  IN SUCH EXCESS AMOUNT, ANY
   21  AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
   22  TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM  THE  TAXPAYER'S
   23  TAX FOR SUCH YEAR OR YEARS.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02635-01-5