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Assembly Bill A10459

2009-2010 Legislative Session

Increases tax credit allowed for the premium paid for long-term care insurance

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Archive: Last Bill Status - Stricken

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2009-A10459 (ACTIVE) - Details

See Assembly Version of this Bill:
A10622
Law Section:
Tax Law
Laws Affected:
Amd ยง210, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A270

2009-A10459 (ACTIVE) - Summary

Increases tax credit allowed for the premium paid for long-term care insurance from 20 to 25% .

2009-A10459 (ACTIVE) - Sponsor Memo

2009-A10459 (ACTIVE) - Bill Text download pdf 

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

                                  10459

                          I N  A S S E M B L Y

                             March 26, 2010
                               ___________

Introduced by M. of A. CASTELLI -- read once and referred to the Commit-
  tee on Ways and Means

AN  ACT  to amend the tax law, in relation to the tax credit allowed for
  the premium 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. Paragraph (a) of subdivision 25-a of section 210 of the tax
law,  as  amended  by  section 18 of part B of chapter 58 of the laws of
2004, is amended to read as follows:
  (a) A taxpayer shall be allowed a credit against the  tax  imposed  by
this  article  equal to [twenty] TWENTY-FIVE percent 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. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to  all
subsequent tax years.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01532-01-9

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