Bill Text: NY A07603 | 2015-2016 | General Assembly | Amended

New York Assembly Bill 7603 (Prior Session Legislation)

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