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Assembly Bill A3801

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 - In Assembly Committee

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2009-A3801 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง210, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A270

2009-A3801 (ACTIVE) - Summary

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

2009-A3801 (ACTIVE) - Bill Text download pdf 

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

                                  3801

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2009
                               ___________

Introduced  by  M.  of  A.  WALKER,  TEDISCO, BACALLES, CALHOUN, O'MARA,
  QUINN, HAYES, ALFANO, BARRA,  McKEVITT,  THIELE,  McDONOUGH,  KOLB  --
  Multi-Sponsored  by  --  M.  of  A.   BARCLAY, BURLING, CONTE, CROUCH,
  DUPREY, ERRIGO, FINCH, GIGLIO, MILLER, MOLINARO, OAKS, RAIA, SALADINO,
  SAYWARD -- read once and referred to the Committee 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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