Bill Text: NY A07607 | 2015-2016 | General Assembly | Amended

---

Bill Title: Establishes tax credits for premiums paid for life insurance which is used for long term health care.

Sponsorship: Slight Partisan Bill (Democrat 4-2)

Status: (Introduced - Dead) 2015-06-18 - substituted by s5230a [A07607 Detail]

Download: New_York-2015-A07607-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7607--A
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 20, 2015
                                      ___________
       Introduced  by M. of A. GJONAJ, SIMOTAS -- read once and referred to the
         Committee on Ways and Means --  committee  discharged,  bill  amended,
         ordered reprinted as amended and recommitted to said committee
       AN  ACT  to  amend the tax law, in relation to credits 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 of the premium paid
    6  during the taxable year for long-term care insurance  OR  FOR  A  POLICY
    7  RIDER  TO  A  LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C),
    8  (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE  THOU-
    9  SAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW.
   10    In  order  to  qualify for such credit, the taxpayer's premium payment
   11  must be for the purchase of or for continuing coverage under a long-term
   12  care insurance policy that qualifies for such credit pursuant to section
   13  one thousand one hundred seventeen of the insurance law.
   14    S 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
   15  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
   16  amended to read as follows:
   17    (a) General. A taxpayer shall be allowed  a  credit  against  the  tax
   18  imposed  by  this  article  equal  to twenty percent of the premium paid
   19  during the taxable year for long-term care insurance  OR  FOR  A  POLICY
   20  RIDER  TO  A  LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C),
   21  (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE  THOU-
   22  SAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW.
   23    In  order  to  qualify for such credit, the taxpayer's premium payment
   24  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.
                                                                  LBD09828-03-5
       A. 7607--A                          2
    1  care insurance policy that qualifies for such credit pursuant to section
    2  one thousand one hundred seventeen of the insurance law.
    3    S  3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
    4  amended by section 1 of part P of chapter 61 of the  laws  of  2005,  is
    5  amended to read as follows:
    6    (1)  Residents.  A  taxpayer shall be allowed a credit against the tax
    7  imposed by this article equal to twenty  percent  of  the  premium  paid
    8  during  the  taxable  year  for long-term care insurance OR FOR A POLICY
    9  RIDER TO A LIFE INSURANCE POLICY ISSUED PURSUANT  TO  SUBPARAGRAPH  (C),
   10  (D),  (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOU-
   11  SAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW.
   12    In order to qualify for such credit, the  taxpayer's  premium  payment
   13  must be for the purchase of or for continuing coverage under a long-term
   14  care insurance policy that qualifies for such credit pursuant to section
   15  one  thousand  one hundred seventeen of the insurance law. If the amount
   16  of the credit allowable under this subsection for any taxable year shall
   17  exceed the taxpayer's tax for such year, the excess may be carried  over
   18  to  the  following year or years and may be deducted from the taxpayer's
   19  tax for such year or years.
   20    S 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
   21  amended by section 21 of part B of chapter 58 of the laws  of  2004,  is
   22  amended to read as follows:
   23    (1)  A  taxpayer  shall be allowed a credit against the tax imposed by
   24  this article equal to twenty percent of  the  premium  paid  during  the
   25  taxable  year  for  long-term  care insurance OR FOR A POLICY RIDER TO A
   26  LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C), (D),  (E)  OR
   27  (F)  OF  PARAGRAPH  ONE  OF  SUBSECTION  (A) OF SECTION ONE THOUSAND ONE
   28  HUNDRED THIRTEEN OF THE INSURANCE LAW.
   29    In order to qualify for such credit, the  taxpayer's  premium  payment
   30  must be for the purchase of or for continuing coverage under a long-term
   31  care insurance policy that qualifies for such credit pursuant to section
   32  one thousand one hundred seventeen of the insurance law.
   33    S  5. This act shall take effect on the first of April next succeeding
   34  the date on which it shall have become a law.