Bill Text: NY S06369 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes tax credits for premiums paid for life insurance which is used for long term health care.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Vetoed) 2016-12-31 - VETOED MEMO.303 [S06369 Detail]
Download: New_York-2015-S06369-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6369 IN SENATE January 7, 2016 ___________ Introduced by Sens. KLEIN, CARLUCCI, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations 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 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), 21 (D), (E) or (F) of paragraph one of subsection (a) of section one thou- 22 sand one hundred thirteen of the insurance law. 23 In order to qualify for such credit, the taxpayer's premium payment 24 must be for the purchase of or for continuing coverage under a long-term 25 care insurance policy that qualifies for such credit pursuant to section 26 one thousand one hundred seventeen of the insurance law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13304-01-5