senate Bill S2559

2011-2012 Legislative Session

Enhances tax incentives for the purchase of long-term care insurance policies

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 25, 2011 referred to investigations and government operations

S2559 - Details

See Assembly Version of this Bill:
A3789
Law Section:
Tax Law
Laws Affected:
Amd ยงยง190, 606, 1456, 1511 & 210, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3201A, A6893

S2559 - Summary

Enhances tax incentives for the purchase of long-term care insurance policies; provides a credit of 75% of premium paid for the first year, 50% for the second year and 25% in the third year.

S2559 - Sponsor Memo

S2559 - Bill Text download pdf

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

                                  2559

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 25, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to long-term care insurance tax
  credits

  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] SEVENTY-FIVE percent of the premium  paid  during  the
taxable  year [for] IN WHICH THE long-term care insurance WAS PURCHASED,
FIFTY PERCENT OF THE PREMIUM PAID IN THE FOLLOWING YEAR AND  TWENTY-FIVE
PERCENT  OF  THE PREMIUM PAID IN THE THIRD YEAR. 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  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] SEVENTY-FIVE  percent  of  the
premium  paid  during the taxable year [for] IN WHICH THE long-term care
insurance WAS PURCHASED, FIFTY  PERCENT  OF  THE  PREMIUM  PAID  IN  THE
FOLLOWING  YEAR AND TWENTY-FIVE PERCENT OF THE PREMIUM PAID IN THE THIRD
YEAR.   In order to qualify for  such  credit,  the  taxpayer's  premium
payment  must  be for the purchase of or for continuing coverage under a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05408-01-1

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