Bill Text: NY A07225 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07225 Detail]
Download: New_York-2019-A07225-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7225 2019-2020 Regular Sessions IN ASSEMBLY April 15, 2019 ___________ Introduced by M. of A. CUSICK -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law and the insurance law, in relation to the tax credits for premiums 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. 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 not to exceed one 5 thousand dollars for each policy of insurance, against the tax imposed 6 by this article equal to [twenty percent] the amount of the premium paid 7 during the taxable year for long-term care insurance. In order to quali- 8 fy for such credit, the taxpayer's premium payment must be for the 9 purchase of or for continuing coverage under a long-term care insurance 10 policy that qualifies for such credit pursuant to section one thousand 11 one hundred seventeen of the insurance law. 12 § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax law, 13 as added by section 17 of part A of chapter 59 of the laws of 2014, is 14 amended to read as follows: 15 (a) General. A taxpayer shall be allowed a credit, not to exceed one 16 thousand dollars for each policy of insurance, against the tax imposed 17 by this article equal to [twenty percent] the amount of the premium paid 18 during the taxable year for long-term care insurance. In order to quali- 19 fy 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. 23 § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as 24 amended by section 1 of part P of chapter 61 of the laws of 2005, is 25 amended to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06655-01-9A. 7225 2 1 (1) Residents. A taxpayer shall be allowed a credit, not to exceed one 2 thousand dollars for each policy of insurance, against the tax imposed 3 by this article equal to [twenty percent] the amount of the premium paid 4 during the taxable year for long-term care insurance. In order to quali- 5 fy for such credit, the taxpayer's premium payment must be for the 6 purchase of or for continuing coverage under a long-term care insurance 7 policy that qualifies for such credit pursuant to section one thousand 8 one hundred seventeen of the insurance law. If the amount of the credit 9 allowable under this subsection for any taxable year shall exceed the 10 taxpayer's tax for such year, the excess may be carried over to the 11 following year or years and may be deducted from the taxpayer's tax for 12 such year or years. 13 § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as 14 amended by section 21 of part B of chapter 58 of the laws of 2004, is 15 amended to read as follows: 16 (1) A taxpayer shall be allowed a credit, not to exceed one thousand 17 dollars for each policy of insurance, against the tax imposed by this 18 article equal to [twenty percent] the amount of the premium paid during 19 the taxable year for long-term care insurance. In order to qualify for 20 such credit, the taxpayer's premium payment must be for the purchase of 21 or for continuing coverage under a long-term care insurance policy that 22 qualifies for such credit pursuant to section one thousand one hundred 23 seventeen of the insurance law. 24 § 5. Paragraph 1 of subsection (g) of section 1117 of the insurance 25 law, as amended by chapter 417 of the laws of 2001, is amended to read 26 as follows: 27 (1) Except for certain group contracts described in paragraph four of 28 this subsection, in order for premium payments for long-term care insur- 29 ance to qualify for purposes of section one hundred ninety, subdivision 30 [twenty-five-a] fourteen of section two hundred [ten] ten-B, subsection 31 (aa) of section six hundred six[, subsection (k) of section one thousand32four hundred fifty-six] and subsection (m) of section one thousand five 33 hundred eleven of the tax law, the long-term care insurance must be 34 approved by the superintendent pursuant to this subsection. Prior to 35 approving any such insurance, the superintendent shall conclude that it 36 meets minimum standards, including minimum loss ratio standards under 37 this section or section three thousand two hundred twenty-nine of this 38 chapter and is a qualified long-term care insurance contract as defined 39 in section 7702B of the internal revenue code. 40 § 6. This act shall take effect on the first of January next succeed- 41 ing the date on which it shall have become a law.