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Assembly Bill A3293

2009-2010 Legislative Session

Increases the tax credit for individuals who purchase long term health insurance policies

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Archive: Last Bill Status - In Assembly Committee

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2009-A3293 (ACTIVE) - Details

See Senate Version of this Bill:
S2681
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยงยง190 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A1594

2009-A3293 (ACTIVE) - Summary

Increases the corporation and personal income tax credits for the purchase of long term health insurance policies to fifty percent of the premium paid during the taxable year.

2009-A3293 (ACTIVE) - Bill Text download pdf 

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

                                  3293

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 26, 2009
                               ___________

Introduced  by M. of A. JAFFEE, GALEF, SPANO -- Multi-Sponsored by -- M.
  of A. BACALLES, DelMONTE, SWEENEY -- read once  and  referred  to  the
  Committee on Ways and Means

AN  ACT  to  amend the tax law, in relation to increasing the 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.  Subdivision 1 of section 190 of the tax law, as amended by
section  17  of  part B of chapter 58 of the laws of 2004, is amended to
read as follows:
  1. General. A taxpayer shall be  allowed  a  credit  against  the  tax
imposed  by  this  article,  other  than  the  taxes and fees imposed by
sections one hundred eighty and one hundred eighty-one of this  article,
equal  to  [twenty] FIFTY 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  quali-
fies for such credit pursuant to section one thousand one hundred seven-
teen of the insurance law.
  S  2. 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] FIFTY 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.
  S 3. This act shall take effect immediately.

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