Bill Text: NY A07603 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes tax credits for premiums paid for life insurance which is used for long term health care; enhances tax credits for long term health care insurance premiums.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-01-12 - print number 7603a [A07603 Detail]
Download: New_York-2015-A07603-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7603--A 2015-2016 Regular Sessions IN ASSEMBLY May 20, 2015 ___________ Introduced by M. of A. GJONAJ -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law and the insurance law, in relation to cred- its for premiums paid for long-term care 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 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 percent] the following percent- 6 ages of the premium paid during the taxable year for long-term care 7 insurance or for a policy rider to a life insurance policy issued pursu- 8 ant to subparagraph (C), (D), (E) or (F) of paragraph one of subsection 9 (a) of section one thousand one hundred thirteen of the insurance law: 10 (a) forty percent if the insured is less than forty years of age at 11 the end of the tax year for the first four policy years; 12 (b) thirty percent if the insured is less than fifty years of age, but 13 forty or more years of age, at the end of the tax year for the first 14 four policy years; 15 (c) twenty-five percent if the insured is less than fifty-five years 16 of age, but fifty or more years of age, at the end of the tax year for 17 the first four policy years; or 18 (d) twenty percent if the insured is fifty-five or more years of age 19 at the end of the tax year, and for all other insureds who have had a 20 policy for five years or more. 21 In order to qualify for such credit, the taxpayer's premium payment 22 must be for the purchase of or for continuing coverage under a long-term EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09827-03-6