Senate Bill S2315A

2015-2016 Legislative Session

Establishes tax credits for premiums paid for life insurance which is used for long term health care

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-S2315 - Details

See Assembly Version of this Bill:
A5671
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A6607

2015-S2315 - Summary

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.

2015-S2315 - Sponsor Memo

2015-S2315 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2315

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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:

  Section 1.  Subdivision 1 of section 190 of the tax law, as amended by
section 102 of part A of chapter 59 of the laws of 2014, is  amended  to
read as follows:
  1.  General.  A  taxpayer  shall  be  allowed a credit against the tax
imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT-
AGES of the premium paid during the  taxable  year  for  long-term  care
insurance OR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR-
AGRAPH  (C),  (D),  (E)  OR  (F)  OF  PARAGRAPH ONE OF SUBSECTION (A) OF
SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
  (A) FORTY PERCENT IF THE INSURED IS LESS THAN FORTY YEARS  OF  AGE  AT
THE END OF THE TAX YEAR;
  (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR;
  (C)  TWENTY-FIVE  PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS
OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR; OR
  (D) TWENTY PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS  OF  AGE
AT THE END OF THE TAX YEAR.
  In  order  to  qualify for such credit, the taxpayer's premium payment
must be for the purchase of or for continuing coverage under a long-term
care insurance policy that qualifies for such credit pursuant to section
one thousand one hundred seventeen of the insurance law.
  S 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07950-01-5
              

2015-S2315A (ACTIVE) - Details

See Assembly Version of this Bill:
A5671
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A6607

2015-S2315A (ACTIVE) - Summary

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.

2015-S2315A (ACTIVE) - Sponsor Memo

2015-S2315A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2315--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment 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:

  Section 1.  Subdivision 1 of section 190 of the tax law, as amended by
section  102  of part A of chapter 59 of the laws of 2014, is amended to
read as follows:
  1. General. A taxpayer shall be  allowed  a  credit  against  the  tax
imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT-
AGES  of  the  premium  paid  during the taxable year for long-term care
insurance OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY ISSUED PURSU-
ANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF  SUBSECTION
(A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
  (A)  FORTY  PERCENT  IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT
THE END OF THE TAX YEAR;
  (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR;
  (C) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN  FIFTY-FIVE  YEARS
OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR; OR
  (D)  TWENTY  PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE
AT THE END OF THE TAX YEAR.
  In order to qualify for such credit, the  taxpayer's  premium  payment
must be for the purchase of or for continuing coverage under a long-term
care insurance policy that qualifies for such credit pursuant to section
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.
                                                           LBD07950-02-6
              

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