senate Bill S2766
(R, C, IP) 61st Senate District
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Increases long-term care insurance credit from 20% to 35%.
TITLE OF BILL: An act to amend the tax law, in relation to increasing
long-term care insurance credits
SUMMARY OF PROVISIONS: This bill amends the tax law to provide that
residents of the state shall be entitled to a credit equal to thirty-
five percent of the premium paid for long-term care insurance.
Section 1 - amends subsection (aa) of section 606 of the Tax Law to
provide that the credit allowable under the subsection shall be thirty-
five percent of the Premium paid during the taxable year for long-term
Section 2 - provides that this act shall take effect immediately and
shall apply to taxable years beginning on or after the first of January
next succeeding the date on which it shall have become law.
PURPOSE AND JUSTIFICATION: Long term care is an ever-growing component
of the cost of Medicaid in New York State. It is important to encourage
citizens to make arrangements to cover the cost of nursing home care
through long-term care insurance, both to protect their assets from the
high cost of such care, and to control the cost to the state for such
care. This bill will give greater encouragement for taxpayers to obtain
and maintain long-term care insurance.
EXISTING LAW: Currently, twenty percent of the cost of long term care
insurance is allowed as a credit against state income taxes.
PRIOR LEGISLATIVE HISTORY: 2011-2012: S.3772 -- INVESTIGATIONS
2010:S.3789/A.10598 -- INVESTIGATIONS/Ways & Means
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: This act shall take effect immediately, with
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