Bill Text: NY A09314 | 2015-2016 | General Assembly | Introduced

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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) 2016-02-17 - referred to ways and means [A09314 Detail]

Download: New_York-2015-A09314-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9314
                   IN ASSEMBLY
                                    February 17, 2016
                                       ___________
        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:
    26    (1) Residents. A taxpayer shall be allowed a credit, not to exceed one
    27  thousand  dollars  for each policy of insurance, against the tax imposed
    28  by this article equal to [twenty percent] the amount of the premium paid
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13632-01-6