S T A T E O F N E W Y O R K
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11212
I N A S S E M B L Y
May 25, 2010
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Introduced by M. of A. BARCLAY -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to a personal income tax credit
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 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 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 OR PURSUANT TO TITLE
XXXII--COMMUNITY LIVING ASSISTANCE SERVICES AND SUPPORTS ACT (CLASS
ACT), OF THE PUBLIC HEALTH SERVICE ACT, AS ADDED BY THE PATIENT
PROTECTION AND AFFORDABLE CARE ACT (P.L. 111-148). 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 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after the first of January next succeeding such
effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16979-01-0