Bill Text: NY S05229 | 2015-2016 | General Assembly | Amended

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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: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2016-01-11 - PRINT NUMBER 5229A [S05229 Detail]

Download: New_York-2015-S05229-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         5229--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       May 8, 2015
                                       ___________
        Introduced  by  Sens.  KLEIN,  AVELLA, VALESKY -- read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations -- recommitted to the  Committee  on
          Investigations  and  Government  Operations  in accordance with Senate
          Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
        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.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09827-02-6