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Senate Bill S2381

2013-2014 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 Senate Committee Investigations And Government Operations Committee

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2013-S2381 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3520
2011-2012: S3522

2013-S2381 (ACTIVE) - 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.

2013-S2381 (ACTIVE) - Sponsor Memo

2013-S2381 (ACTIVE) - Bill Text download pdf 

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

                                  2381

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 17, 2013
                               ___________

Introduced  by  Sens. RANZENHOFER, DeFRANCISCO, 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.] SHALL BE TREATED AS AN
OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORDANCE  WITH  THE
PROVISIONS  OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED,
HOWEVER, THAT NO INTEREST SHALL BE PAID THEREIN.
  (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
in paragraph three of subsection (e) of section six hundred one of  this
article. [The credit as so limited shall be applied as provided in para-
graph  one  of  this  subsection.] IF THE AMOUNT OF THE CREDIT ALLOWABLE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05260-01-3

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