NY State Senate Bill 2015-S6697

Senate Bill S6697

2015-2016 Legislative Session

Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 04, 2016	reported and committed to finance
Feb 05, 2016	referred to investigations and government operations

Votes

- May 4, 2016 - Investigations And Government Operations Committee Vote
  S6697
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: May 4, 2016
      
      aye (7)
      
      Carlucci
      
      Golden
      
      Hoylman-Sigal
      
      Lanza
      
      Murphy
      
      O'Mara
      
      Squadron
      
      excused (2)
      
      Diaz
      
      Nozzolio

2015-S6697 (ACTIVE) - Details

See Assembly Version of this Bill:: A9314
Current Committee:: Senate Finance
Law Section:: Tax Law
Laws Affected:: Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S6168, A8196
2019-2020: S3280, A7225
2021-2022: S4933, A6991
2023-2024: S5067

2015-S6697 (ACTIVE) - Summary

Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance.

2015-S6697 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6697

 TITLE OF BILL :  An act to amend the tax law and the insurance law,
in relation to the tax credits for premiums paid for long-term care
insurance

 PURPOSE :

Provides that the tax credits for long-term health care insurance
shall be up to $1,000 of the premiums paid for each policy of such
insurance.

 SUMMARY OF PROVISIONS :

Section one amends 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

Section two amends 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

Section three amends paragraph 1 of subsection (aa) of section 606 of
the tax law, as amended by section 1 of part p of chapter 61 of the
laws of 2005

Section four amends paragraph 1 of subdivision (m) of section 1511 of

the tax law, as amended by section 21 of part B of the laws 2004

Section five amends paragraph 1 of subsection (g) of section 1117 of
the insurance law, as amended by chapter 417 of the laws of 2001

Section six is the effective date.

 JUSTIFICATION :

Recently, many senior citizens who are on fixed incomes received
notices that their long term health insurance premiums were going up
as much as 48% to 60%. If these premiums are not paid, the policy that
they have been paying for for years will be canceled. These insurance
policies were taken out to ensure that their needs would be met in
case they had to go into a long term care facility when they got
older. This bill will help reduce some of the recent premium increase
and give seniors the help they need to keep their long term care
policy in good standing.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

None to the State.

 EFFECTIVE DATE :
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law.

2015-S6697 (ACTIVE) - Bill Text download pdf

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

                                  6697

                            I N  S E N A T E

                            February 5, 2016
                               ___________

Introduced  by  Sen.  LANZA  -- 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 and the insurance law, in  relation  to  the
  tax credits for premiums paid for long-term care insurance

  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  NOT  TO  EXCEED  ONE
THOUSAND  DOLLARS  FOR EACH POLICY OF INSURANCE, against the tax imposed
by this article equal to [twenty percent] THE AMOUNT of the premium paid
during the taxable year for long-term care insurance. In order to quali-
fy 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:
  (a)  General.  A taxpayer shall be allowed a credit, NOT TO EXCEED ONE
THOUSAND DOLLARS FOR EACH POLICY OF INSURANCE, against the  tax  imposed
by this article equal to [twenty percent] THE AMOUNT of the premium paid
during the taxable year for long-term care insurance. In order to quali-
fy  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 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
amended to read as follows:
  (1) Residents. A taxpayer shall be allowed a credit, NOT TO EXCEED ONE
THOUSAND DOLLARS FOR EACH POLICY OF INSURANCE, against the  tax  imposed

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

                                                           LBD13632-01-6

S. 6697                             2

by this article equal to [twenty percent] THE AMOUNT of the premium paid
during the taxable year for long-term care insurance. In order to quali-
fy  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. If the amount of the credit
allowable under this subsection for any taxable year  shall  exceed  the
taxpayer's  tax  for  such  year,  the excess may be carried over to the
following year or years and may be deducted from the taxpayer's tax  for
such year or years.
  S 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
amended  by  section  21 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
  (1) A taxpayer shall be allowed a credit, NOT TO EXCEED  ONE  THOUSAND
DOLLARS  FOR  EACH  POLICY OF INSURANCE, against the tax imposed by this
article equal to [twenty percent] THE AMOUNT of the premium paid  during
the  taxable  year for long-term care insurance. 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  5.  Paragraph  1 of subsection (g) of section 1117 of the insurance
law, as amended by chapter 417 of the laws of 2001, is amended  to  read
as follows:
  (1)  Except for certain group contracts described in paragraph four of
this subsection, in order for premium payments for long-term care insur-
ance to qualify for purposes of section one hundred ninety,  subdivision
[twenty-five-a]  FOURTEEN of section two hundred [ten] TEN-B, subsection
(aa) of section six hundred six[, subsection (k) of section one thousand
four hundred fifty-six] and subsection (m) of section one thousand  five
hundred  eleven  of  the  tax  law, the long-term care insurance must be
approved by the superintendent pursuant to  this  subsection.  Prior  to
approving  any such insurance, the superintendent shall conclude that it
meets minimum standards, including minimum loss  ratio  standards  under
this  section  or section three thousand two hundred twenty-nine of this
chapter and is a qualified long-term care insurance contract as  defined
in section 7702B of the internal revenue code.
  S  6. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.