Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2016 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1688 committee discharged and committed to rules |
May 04, 2016 |
reported and committed to finance |
Feb 08, 2016 |
referred to investigations and government operations |
Senate Bill S6703
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
2015-S6703 (ACTIVE) - Details
2015-S6703 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6703 TITLE OF BILL : An act to amend the tax law and the insurance law, in relation to the tax credit for the purchase of long-term care insurance PURPOSE : To provide relief from the increased premium costs of long-term care insurance. SUMMARY OF PROVISIONS : Section one of this bill amends Tax Law section 190(1) by providing that for taxable years beginning on and after January 1, 2016, the credit for long-term care insurance premiums that are paid during the taxable year shall be 20% of the premium paid unless the premium increased during the taxable year and then the credit will be 25% of the premium paid during that taxable year. Section two of this bill amends Tax Law section 210-B by providing that for taxable years beginning on and after January 1, 2016, the credit for long-term care insurance premiums that are paid during the taxable year shall be 20% of the premium paid unless the premium increased during the taxable year and then the credit will be 25% of
2015-S6703 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6703 I N S E N A T E February 8, 2016 ___________ Introduced by Sen. GOLDEN -- 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 credit for the purchase of 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] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND SIXTEEN, A taxpayer shall be allowed a credit against the tax imposed by this article equal to twenty percent of the premium paid during the taxable year for long-term care insurance, AND FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI- CLE EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR LONG-TERM CARE INSURANCE UNLESS THE PREMIUM FOR SUCH INSURANCE INCREASED DURING THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER APPLICATION TO AND BY THE DEPARTMENT OF FINANCIAL SERVICES, THEN THE AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH 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 insur- ance policy that qualifies for such credit pursuant to section one thou- sand 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] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND SIXTEEN, A taxpayer shall be allowed a credit against the tax imposed by this article equal to twenty percent of the premium paid during the taxable year for long-term care insurance, AND FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, A EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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