Bill Text: NY A09345 | 2015-2016 | General Assembly | Introduced

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Bill Title: Increases from 20% to 40%, the corporation, business franchise, personal income and insurance corporation tax credits for premiums paid for long-term care insurance premiums during the 2015, 2016, 2017 and 2018 taxable years.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-02-23 - referred to ways and means [A09345 Detail]

Download: New_York-2015-A09345-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9345
                   IN ASSEMBLY
                                    February 23, 2016
                                       ___________
        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 increasing 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 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; provided, however,
     7  that  for  taxable years commencing on or after January first, two thou-
     8  sand fifteen and before January first, two thousand nineteen, such cred-
     9  it shall be forty percent of the premium paid during  the  taxable  year
    10  for  long-term  care insurance. In order to qualify for such credit, the
    11  taxpayer's premium payment must be for the purchase of or for continuing
    12  coverage under a long-term care insurance policy that qualifies for such
    13  credit pursuant to section one thousand one  hundred  seventeen  of  the
    14  insurance law.
    15    §  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; provided, however,
    21  that  for  taxable years commencing on or after January first, two thou-
    22  sand fifteen and before January first, two thousand nineteen, such cred-
    23  it shall be forty percent of the premium paid during  the  taxable  year
    24  for  long-term care insurance.  In order to qualify for such credit, the
    25  taxpayer's premium payment must be for the purchase of or for continuing
    26  coverage under a long-term care insurance policy that qualifies for such
    27  credit pursuant to section one thousand one  hundred  seventeen  of  the
    28  insurance law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13127-01-5