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