senate Bill S3522

2011-2012 Legislative Session

Provides for a refund of any excess amount of tax paid after reduction of the credit

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Feb 24, 2011 referred to investigations and government operations

Co-Sponsors

S3522 - Details

See Assembly Version of this Bill:
A2342
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3520, A6780

S3522 - Summary

Provides for a refund of any excess amount of tax paid after reduction of other credits and the credit for long-term care insurance.

S3522 - Sponsor Memo

S3522 - Bill Text download pdf

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

                                  3522

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 24, 2011
                               ___________

Introduced  by  Sens.  RANZENHOFER, DeFRANCISCO, JOHNSON, LARKIN -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Investigations and Government Operations

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02577-01-1

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