Bill Text: NY S05230 | 2015-2016 | General Assembly | Amended

New York Senate Bill 5230 (Prior Session Legislation)

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

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Vetoed) 0000-00-00 - [S05230 Detail]

Download: New_York-2015-S05230-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         5230--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       May 8, 2015
                                       ___________
        Introduced  by  Sens.  KLEIN, VALESKY -- read twice and ordered printed,
          and when printed to be committed to the  Committee  on  Investigations
          and  Government  Operations  -- reported favorably from said committee
          and committed to the Committee on  Finance  --  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    §  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),
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09828-02-5