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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7607
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 20, 2015
                                      ___________
       Introduced by M. of A. GJONAJ -- read once and referred to the Committee
         on Ways and Means
       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  THIRTY  PERCENT
    7  OF  THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY
    8  OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F)  OF  PARA-
    9  GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN
   10  OF THE INSURANCE LAW.
   11    In  order  to  qualify for such credit, the taxpayer's premium payment
   12  must be for the purchase of or for continuing coverage under a long-term
   13  care insurance policy that qualifies for such credit pursuant to section
   14  one thousand one hundred seventeen of the insurance law.
   15    S 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
   16  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
   17  amended to read as follows:
   18    (a) General. A taxpayer shall be allowed  a  credit  against  the  tax
   19  imposed  by  this  article  equal  to twenty percent of the premium paid
   20  during the taxable year for long-term care insurance OR  THIRTY  PERCENT
   21  OF  THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY
   22  OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F)  OF  PARA-
   23  GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN
   24  OF THE INSURANCE LAW.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09828-01-5
       A. 7607                             2
    1    In  order  to  qualify for such credit, the taxpayer's premium payment
    2  must be for the purchase of or for continuing coverage under a long-term
    3  care insurance policy that qualifies for such credit pursuant to section
    4  one thousand one hundred seventeen of the insurance law.
    5    S  3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
    6  amended by section 1 of part P of chapter 61 of the  laws  of  2005,  is
    7  amended to read as follows:
    8    (1)  Residents.  A  taxpayer shall be allowed a credit against the tax
    9  imposed by this article equal to twenty  percent  of  the  premium  paid
   10  during  the  taxable year for long-term care insurance OR THIRTY PERCENT
   11  OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE  POLICY
   12  OR  POLICY  RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARA-
   13  GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN
   14  OF THE INSURANCE LAW.
   15    In order to qualify for such credit, the  taxpayer's  premium  payment
   16  must be for the purchase of or for continuing coverage under a long-term
   17  care insurance policy that qualifies for such credit pursuant to section
   18  one  thousand  one hundred seventeen of the insurance law. If the amount
   19  of the credit allowable under this subsection for any taxable year shall
   20  exceed the taxpayer's tax for such year, the excess may be carried  over
   21  to  the  following year or years and may be deducted from the taxpayer's
   22  tax for such year or years.
   23    S 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
   24  amended by section 21 of part B of chapter 58 of the laws  of  2004,  is
   25  amended to read as follows:
   26    (1)  A  taxpayer  shall be allowed a credit against the tax imposed by
   27  this article equal to twenty percent of  the  premium  paid  during  the
   28  taxable  year  for  long-term  care  insurance  OR THIRTY PERCENT OF THE
   29  PREMIUM PAID DURING THE TAXABLE YEAR FOR  A  LIFE  INSURANCE  POLICY  OR
   30  POLICY  RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH
   31  ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE  HUNDRED  THIRTEEN  OF
   32  THE INSURANCE LAW.
   33    In  order  to  qualify for such credit, the taxpayer's premium payment
   34  must be for the purchase of or for continuing coverage under a long-term
   35  care insurance policy that qualifies for such credit pursuant to section
   36  one thousand one hundred seventeen of the insurance law.
   37    S 5. This act shall take effect on the first of April next  succeeding
   38  the date on which it shall have become a law.