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Assembly Bill A270

2011-2012 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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2011-A270 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง210, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A10459, A3801, A10622

2011-A270 (ACTIVE) - Summary

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

2011-A270 (ACTIVE) - Bill Text download pdf 

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

                                   270

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M.  of A. MONTESANO, KOLB, BURLING, OAKS, HAYES, HAWLEY,
  SALADINO, RAIA, McDONOUGH, CALHOUN, McKEVITT -- Multi-Sponsored by  --
  M.  of  A. BARCLAY, CASTRO, CORWIN, CROUCH, DUPREY, JORDAN, MAYERSOHN,
  MOLINARO, SAYWARD, TEDISCO -- 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.
                                                           LBD02289-01-1

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