NY State Assembly Bill 2009-A10529

Assembly Bill A10529

2009-2010 Legislative Session

Provides for a personal income tax credit for ten percent of the cost of long term health care insurance premiums

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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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 02, 2010	referred to ways and means

multi-Sponsors

2009-A10529 (ACTIVE) - Details

Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A1507
2013-2014: A6455
2015-2016: A3331
2017-2018: A6934

2009-A10529 (ACTIVE) - Summary

Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

2009-A10529 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:A10529

TITLE OF BILL:
An act
to amend the tax law, in relation to authorizing a tax credit for
individuals who purchase long term health insurance policies

PURPOSE OR GENERAL IDEA OF BILL:
Chapter 245 of the
laws of 1986, is
designed to encourage the development of various plans of which offer
coverage for services provided in residential health care facilities
and community-based setting.s. The purpose of this bill is to further
encourage the development of these policies by providing tax credits
to those persons, age fifty-five or older, who purchase
state-sanctioned long-term health insurance policies."

SUMMARY OF SPECIFIC PROVISIONS:
Section 2 Amends
section six hundred
six of the tax law to add a new subsection (h-1) to read as follows:
Credit for purchase of long term care health insurance. A taxpayer who
is fifty-five years of age or older.shall be allowed a credit to be
credited against the tax imposed by this article in an amount equal
to ten percent of the annual premium paid on and after January first,
two thousand seven for a contract issued in connection with a health

insurance plan for long term care as provided for in section one
thousand one hundred seventeen of the insurance law.

JUSTIFICATION:
The fiscal limitations of many
individuals renders them
unable to meet the high costs of sound long-term health care.
Together with escalating costs of health care, these limitations have
created a great demand for public and private assistance. An avenue
for meeting this demand without placing a severe strain on federal,
state, and local budgets, is the development of health insurance
policies which provide coverage for services in residential health
care facilities and community-based settings. This bill will serve to
further encourage the development and purchase of these policies by
offering incentives- in the form of tax credits- to those persons who
purchase them. In doing so, it will stimulate the incentive of
insurance suppliers to introduce policies in accordance with the
above mentioned state criteria.

PRIOR LEGISLATIVE HISTORY:
2008: A.5687; Held for consideration in Ways and Means
2007: A.5687; Referred to Ways and Means
2006: A.3845; Referred to Ways and Means
2005: A.3845; Referred to Ways and Means
2004: A.2225; Held for consideration in Ways and Means

2003: A.2225; Referred to Ways and Means
2002: A.3106; Held for consideration in Ways and Means
2001: A.3106; Referred to Ways and Means
2000: A.2869; Held for consideration in Ways and Means
1999: A.2869; Referred to Ways and Means
1998: A.3371; Held for consideration in Ways and Means
1997: A.3371; Referred to Ways and Means
1996: A.3734; Held for consideration in Ways and Means
1995: A.3734; Referred to Ways and Means
1994: A 3234; Held for consideration in Ways and Means
1992: A.3690; Held for consideration in Ways and Means
1990: A.2306; Referred to Ways and Means
1989: A.2306; Referred to Ways and Means

EFFECTIVE DATE:
Immediately.

2009-A10529 (ACTIVE) - Bill Text download pdf

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

                                  10529

                          I N  A S S E M B L Y

                              April 2, 2010
                               ___________

Introduced by M. of A. TEDISCO -- Multi-Sponsored by -- M. of A. FITZPA-
  TRICK,  OAKS, SCOZZAFAVA -- read once and referred to the Committee on
  Ways and Means

AN ACT to amend the tax law, in relation to authorizing a tax credit for
  individuals who purchase long term health insurance policies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative intent.   The legislature has hitherto recog-
nized the need to increase the availability of private health  insurance
for  long term care services provided in residential health care facili-
ties and community-based settings.   It is the intent  of  this  act  to
further encourage the development of such plans through the provision of
tax credits for individuals who purchase state-sanctioned long term care
health insurance plans.
  S  2. Section 606 of the tax law is amended by adding a new subsection
(h-1) to read as follows:
  (H-1) CREDIT FOR PURCHASE OF LONG TERM CARE HEALTH INSURANCE.  (1)   A
TAXPAYER  WHO  IS  FIFTY-FIVE  YEARS  OF AGE OR OLDER SHALL BE ALLOWED A
CREDIT TO BE CREDITED AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE  IN  AN
AMOUNT  EQUAL  TO  TEN  PERCENT  OF THE ANNUAL PREMIUM PAID ON AND AFTER
JANUARY FIRST, TWO THOUSAND TEN FOR A CONTRACT ISSUED IN CONNECTION WITH
A HEALTH INSURANCE PLAN FOR LONG TERM CARE AS PROVIDED  FOR  IN  SECTION
ONE THOUSAND ONE HUNDRED SEVENTEEN OF THE INSURANCE LAW.
  (2)    IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED FOR IN THIS
SUBSECTION BE ALLOWED IN EXCESS OF THE TAXPAYER'S  TAX  FOR  SUCH  YEAR.
HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
SUBSECTION FOR ANY TAXABLE YEAR  RESULTS  IN  SUCH  EXCESS  AMOUNT,  ANY
AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR 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 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15923-01-0

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Assembly Bill A10529

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TEDISCO