S T A T E O F N E W Y O R K
________________________________________________________________________
6780
2009-2010 Regular Sessions
I N A S S E M B L Y
March 12, 2009
___________
Introduced by M. of A. SCHIMMINGER -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a refund for
excess tax paid after long-term insurance credit is applied
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. 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:
(aa) Long-term care insurance credit. (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 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.] THE CREDIT
UNDER THIS SUBSECTION SHALL BE ALLOWED AGAINST THE TAXES IMPOSED BY THIS
ARTICLE FOR THE TAXABLE YEAR REDUCED BY THE CREDITS PERMITTED BY THIS
ARTICLE. IF THE CREDIT EXCEEDS THE TAX AS SO REDUCED, THE TAXPAYER MAY
RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE COMMIS-
SIONER, SHALL REFUND AS AN OVERPAYMENT, WITHOUT INTEREST, THE AMOUNT OF
SUCH EXCESS.
(2) Nonresidents and part-year residents. In the case of a nonresident
taxpayer or a part-year resident taxpayer, the credit determined under
this subsection shall be limited to the amount determined by multiplying
the amount of such credit by the New York source fraction as set forth
in paragraph three of subsection (e) of section six hundred one of this
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06950-01-9
A. 6780 2
article. [The credit as so limited shall be applied as provided in para-
graph one of this subsection.] 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 the
date on which it shall have become a law.