S T A T E O F N E W Y O R K
________________________________________________________________________
2341
2011-2012 Regular Sessions
I N A S S E M B L Y
January 18, 2011
___________
Introduced by M. of A. SCHIMMINGER, GANTT, GALEF, DESTITO, GABRYSZAK --
Multi-Sponsored by -- M. of A. GIGLIO, HOOPER, MAGEE, J. RIVERA,
N. RIVERA, TOWNS, WEISENBERG -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to raising tax credits for
long-term care insurance from twenty percent to fifty percent
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 (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] 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06351-01-1
A. 2341 2
S 3. 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 4. Paragraph 1 of subsection (k) of section 1456 of the tax law, as
amended by section 20 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
(1) 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.
S 5. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
amended by section 21 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
(1) 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.
S 6. This act shall take effect immediately and shall apply to taxa-
ble years beginning on or after the first of January of the year in
which it shall have become a law.