S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6607
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  GJONAJ,  M. G. MILLER, ARROYO, RAIA, WALTER,
   SIMON, BENEDETTO, PICHARDO, GRAF, CURRAN, DAVILA, ENGLEBRIGHT,  GALEF,
   GARBARINO, PALUMBO -- Multi-Sponsored by -- M. of A. BARCLAY, BLANKEN-
   BUSH,  COOK,  HIKIND,  KEARNS, LAWRENCE, MAGEE, RIVERA, TITONE -- read
   once and referred to the Committee on Insurance

 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.
                                                            LBD10488-01-7
              

 A. 6607                             2
 
   § 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 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:
   (I) FORTY PERCENT IF THE INSURED IS LESS THAN FORTY YEARS  OF  AGE  AT
 THE END OF THE TAX YEAR;
   (II)  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;
   (III) 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
   (IV) 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.
   § 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  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. 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.
   § 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 against the tax imposed by
 this article equal to [twenty percent] THE FOLLOWING PERCENTAGES of  the
 premium paid during the taxable year for long-term care insurance OR FOR
 A  POLICY  RIDER  TO A LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARA-
 GRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION
 ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:

 A. 6607                             3
 
   (A) FORTY PERCENT IF THE INSURED IS LESS THAN FIFTY 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.
   § 5. Paragraphs 1 and 2 of subsection  (g)  of  section  1117  of  the
 insurance  law,  paragraph  1  as  amended by chapter 417 of the laws of
 2001, paragraph 2 as amended by section 12 of part E of  chapter  63  of
 the laws of 2000 and subparagraphs (A) and (B) of paragraph 2 as amended
 by chapter 311 of the laws of 2002, are 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, OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY  ISSUED  PURSUANT
 TO  SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A)
 OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THIS ARTICLE, 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 elev-
 en  of  the  tax  law, the long-term care insurance OR SUCH POLICY RIDER
 must be approved by the  superintendent  pursuant  to  this  subsection.
 Prior  to  approving any such insurance OR POLICY RIDER, the superinten-
 dent 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.
   (2) (A) No insurer, agent, broker,  person,  business  or  corporation
 doing  business  in or into this state shall in any manner state, adver-
 tise or claim that a long-term care insurance policy, OR A POLICY  RIDER
 TO A LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C), (D), (E)
 OR  (F)  OF  PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE
 HUNDRED THIRTEEN OF THIS ARTICLE, qualifies for purposes of  the  above-
 referenced  provisions of the tax law unless either: (i) the superinten-
 dent has issued a letter or other  written  instrument  to  the  insurer
 stating  that  the policy OR POLICY RIDER has been determined to qualify
 under this subsection, or (ii) the  policy  OR  POLICY  RIDER  qualifies
 under paragraph four of this subsection without the need for approval by
 the superintendent.
   (B)  Any policy OR POLICY RIDER which is held out or purported to be a
 long-term care insurance policy by any insurer, agent,  broker,  person,
 business  or  corporation doing business in or into this state which has
 not been determined by the superintendent to qualify and which does  not
 qualify  under  paragraph  four  of  this subsection for purposes of the
 above referenced provisions of the tax law shall so state clearly, legi-
 bly and in close physical proximity to any description of the policy  OR
 POLICY  RIDER  as  a long-term care insurance policy that it does not so
 qualify. This subsection shall also be deemed to  cover  any  statement,
 advertisement  or  claim  concerning  such policy by any insurer, agent,

 A. 6607                             4
 
 broker, person, business or corporation doing business in or  into  this
 state.
   (C)  Violation  of  this  paragraph shall be considered a misrepresen-
 tation under section [twenty-one] TWO THOUSAND ONE hundred  twenty-three
 of this chapter.
   §  6. This act shall take effect on the first of April next succeeding
 the date on which it shall have become a law.