senate Bill S3772

2011-2012 Legislative Session

Increases long-term care insurance credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • 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
Mar 03, 2011 referred to investigations and government operations

Co-Sponsors

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S3772 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3789

S3772 - Summary

Increases long-term care insurance credit from 20% to 35%.

S3772 - Sponsor Memo

S3772 - Bill Text download pdf

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

                                  3772

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 3, 2011
                               ___________

Introduced  by  Sens. RANZENHOFER, DeFRANCISCO, GOLDEN, JOHNSON, LARKIN,
  LAVALLE, MAZIARZ, O'MARA -- 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 increasing long-term care
  insurance credits

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  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]  THIRTY-FIVE  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 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after the first of  January  next  succeeding  the
date on which it shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02588-01-1

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